$SOL
In 2024, Solana experienced a significant increase in developer interest, with the share of builders on its blockchain rising from 5.1% in 2023 to 11.2% in 2024. This surge indicates growing confidence in Solana's capabilities and its expanding ecosystem.
FXSTREET
Solana's high transaction speed and low fees make it an attractive platform for decentralized applications (dApps) and non-fungible tokens (NFTs). The network can support over 2,600 transactions per second, significantly outpacing Ethereum's approximately 15 transactions per second. This efficiency has led to increased adoption among developers and users seeking scalable solutions.
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However, potential investors should be aware of Solana's history of network outages. Since early 2022, the network has faced several significant downtimes, including a nearly 20-hour outage in February 2023 and a five-hour disruption in February 2024. These incidents raise concerns about the network's reliability.
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On-chain metrics as of October 2024 showed positive trends, with active addresses reaching approximately 3.44 million and transactions climbing to 38.88 million. These indicators suggest increased user engagement and demand within the Solana ecosystem.
FXSTREET
In summary, Solana's technological advantages and growing developer interest position it as a compelling investment opportunity. However, investors should carefully consider the network's past stability issues and the inherent volatility of the cryptocurrency market before making investment decisions.
