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3 reasons why Solana (SOL) price is up this week

– The price of Solana’s SOL (SOL) experienced a 20% gain between Sept. 28 and Oct. 6.
– SOL’s recovery was not just a tandem move with Bitcoin (BTC) but driven by other factors.
– SOL faced a turbulent period after a U.S. court approved the sale of $1.3 billion in SOL from the bankrupt exchange FTX.

Solana’s DApp and NFT market activity surges

– Solana’s active addresses engaging with DApps exceeded those of Ethereum in the same period.
– Solana has been gaining traction in the NFT market due to its cost-efficient and scalable solution.
– Solana network surpassed Polygon in NFT sales, accumulating $6.8 million in value.

Network upgrade enhances privacy and eases the stress on validators

– The network upgrade to version 1.16 introduced a “gate system” to ensure the gradual activation of new features.
– “Confidential transfers” encrypt transaction details, enhancing user privacy.
– The update brings improved efficiency, privacy, and security to the Solana blockchain.

Stiff competition from Ethereum layer-2 solutions

– Ethereum layer-2 solutions have gained more traction in terms of total value locked (TVL) and activity.
– Solana’s progress in privacy, scaling, and security is overshadowed by external factors.
– Investors remain focused on the Ethereum ecosystem.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views expressed here are the author’s alone and do not necessarily reflect or represent the views of coinpostman.

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