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Solana introduces a significant upgrade to the developers’ version. At the same time, it increases the possibility of reaching $300 in SOL price due to the change in market sentiment and network expansion. The latest Solana update dubbed ZK Compression optimizes developer costs by a factor of 1000X on the mainnet.
SOL price has increased by 1 a great amount. It averaged an increase of only 5% in the last 24 hours, an indication that it is a positive market. The latest station outplay price analysis also points to a rally towards $300 under ongoing endeavours.
Recently Solana announced a groundbreaking update that slashed the developers’ fees by 1000X. The mainnet update was recently shared by the leading crypto player as it announced that ZK Compression was live now. Such recent events have again opened the debate over SOL price’s next possible rise to $300 in the future.
Solana ZK Compression Update Live On Mainnet
Another applicable update to implement on Solana is ZK Compression which seeks to achieve sound economical returns for developers. From the official update, it is revealed that it is aimed at reducing costs down to one thousand times, which created market attention. Indeed, this technology uses Zero-Knowledge (ZK) proofs to achieve data compression which helps decrease the cost of on-chain transactions and storage.
This statement shared by the platform on X outlines the Opportunities for scaling that this update will offer to its main net. That is, this state-of-art technology provides the solution to the continuous issues in the state growth, thus, improving the network capacity and effectiveness. Besides the cost-saving facet, the ZK Compression has also other advantages as follows. They build the foundation for superordinating future ZK compute applications regarding the SOL network.
While in the announcement it was revealed that the update had been audited by Neodyme and OtterSec. It also relates to the fact that the network is more focused on security and the number of users of the platform at the same time. In addition, Immunefi has launched a perpetual bug bounty to ensure consistency in security vulnerabilities.
SOL Price To Hit $300?
Recently the crypto market has been quite advisory and erratic mainly due to expectations of a Fed rate cut. However, at the end of the latest FOMC, the US Fed declared a 50 Bps interest rate cut which boosted the market sentiment. At the same time, AI development has triggered a rebound in the market in general and the financial market, especially in cryptocurrencies, in particular.
However, the market experienced a short-lived uplift, which Jerome Powell’s speech overshadowed. In his last conference, Powell only gave clues at possible sources of risks that have negatively impacted the market sentiment; consequently raising arguments if the central bank has a dovish plan ahead.
Still, the current enhancement on the Solana network looks like it has influenced the market outlook positively. SOL price was up more than 1. A further raise of 5% in the last hour brought the stock to $ 130. 88 before dropping to a 24-hour low of $113 during its last Hal and Warren Buffet partnership with $ 88 while touching a 24-hour high of $ 132. 63.
Moreover, a recent Solana price analysis suggested a rally of the alt to $300 based on the hype of several expected positive sentiments. These changes are likely to have a positive effect on the market sentiment with a possibility of increasing the price of the cryptocurrency.
