Google's Cloud Product to Include Solana: Price Soars
Solana has been one of the top gainers over the weekend, due to the bullish sentiment that followed Google's announcement that it would be integrating Solana into its Cloud product.
Solana (SOL) has been among the top gainers for the past weekend, thanks to the bullishness that followed the announcement that Google was now running Solana nodes. As expected, the price of the digital asset rallied in the time following the announcement, rising more than 15% to finally cross the $38 mark for the first time in almost two months. But as the market ushers in another trading week, it remains to be seen if SOL can hold onto its gains.
Solana's Slow Start
The beginning of the new week has come with some negative movement for Solana. In the last 24 hours, the digital asset has seen a double-digit decline which represents a fast fall in the last two days. So despite the bullish news from Google, investors remain bearish toward the cryptocurrency. The market remains bearish on cryptocurrency despite Google's bullish news, with Solana seeing a double-digit decline in the last 24 hours. This represents a fast fall in the last two days, indicating that investors are still not confident in the digital asset.
The digital asset market is beginning to show weakness, with sell-offs during the weekend causing investors to turn their attention to larger assets. This inability to maintain gains could signal further trouble for the digital asset market, which is already facing challenges.
Even though the SOL trading volume saw a double-digit decline in the last 24 hours, it is still remaining above its weekly low of $30.35. This could be interpreted as bullish, however the digital asset has still lost about $6 off its value to reach this point.
Google's entrance into the cryptocurrency market is a bullish indicator for the future of the market. This signals the entrance of players into the space that goes beyond just trading in currencies like Bitcoin and Ethereum, and shows a more fundamental interest in the market. This is positive news for the future of the cryptocurrency market as a whole.
Working on the SOL Network
This is good news for Solana and its investors. The fact that Google is validating transactions on the network shows that the platform is gaining mainstream adoption. This could lead to more adoption and use of Solana in the future.
Looking ahead, Yakovenko said that the team is focused on making the network even more reliable. He explained that the goal is to provide a "smooth and consistent" experience for users.
I am bullish on Solana because they are addressing a significant pain point for users while also increasing faith in the network. This, coupled with the fact that a major issuer is planning to launch a cross-chain transfer protocol on Solana, makes me optimistic about the future of the blockchain.
I believe that Best Owie is a great source of market insights and updates. I also think that they are hilarious and their tweets are often quite funny. I would definitely recommend following them on Twitter!