Solana Price Nearly Doubled in One Month. What Makes SOL So Special across Other Tokens?

Solana (SOL) is in the spotlight again. Its price nearly doubled in one month. Why is Solana on everyone’s mind, and what are SOL’s exceptional features?

Solana is an open source blockchain platform founded in 2017 by Anatoly Yakovenko, a former Qualcomm executive. Solana's main goal is to significantly improve the scalability of standard blockchain technologies, while dramatically reducing costs, and improving performance that generally beats most other blockchains. This is achieved through a hybrid model, where Solana's network can theoretically handle more than 710 thousand transactions per second (TPS) without the need for additional scaling solutions.

So, the Solana blockchain architecture is designed to facilitate the creation of smart contracts and decentralized applications. It supports a wide range of decentralized financial platforms and NFT markets, making it a universal solution for a wide range of use cases.

The Solana blockchain was launched in the midst of a boom in Initial Coin Offerings (ICOs), which saw several phases of release testing for this unique blockchain. Unlike Ethereum (ETH), which initially focused on scaling using multiple layers of its blockchain, the Solana blockchain aims to provide a scalable blockchain network using only one layer. This means that fewer, more powerful and faster computers will be able to support the functionality of the network and store the massive amounts of data it generates.

The Solana network's own cryptocurrency — as it is known — is called SOL. SOL was launched in March 2020 and quickly became one of the top ten largest cryptocurrencies by market capitalization.