Solana (SOL) Predicted To Make Cuan According To Crypto Analysts

Bittime - Austin Federa, a strategist at the Solana Foundation, predicts SOL will make a profit. Earlier this week, Federa rolled out a new idea for the development of the Solana blockchain which he calls "Network Extensions".

This idea immediately sparked heated debate among crypto industry observers and players. Many are questioning whether this new term will be accepted by the community, or whether they will stick to the more familiar Layer 2 concept.

The Future of Solana (SOL) Debate

Responding to Federa's statement, Ignas, a popular crypto analyst and founder of Pinky Brains, voiced his analysis and concerns to his more than 100,000 followers on social media. He highlighted how crucial this debate is for Solana's future.

According to Ignas, if Solana's change in strategy leads to problems like those experienced by Ethereum - for example fragmented liquidity and a worsening user experience due to the complexity of bridging between layers - then the fate of SOL (Solana's cryptocurrency) could be threatened.

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"Ethereum was caught between Bitcoin and Solana during the last bull run. Bitcoin was considered 'better money' for less conservative and institutional investors, while Solana was seen as a faster, simpler, and cheaper smart contract platform with higher growth potential compared to Ethereum," explained Ignas. 

"If Solana's narrative shifts from a monolithic model to scaling with L2 (like Ethereum), SOL could become the new Ethereum. In this situation, SOL's future is truly uncertain."

Impact On Solana (SOL) Price

The impact on Solana's price could be significant. According to Ignas, Ethereum will remain a "safer choice" for long-term investors due to its higher degree of decentralization and never experiencing downtime. 

"Plus, if traders start chasing 'network extension' tokens for SOL's beta instead of buying SOL, this could hinder SOL's price growth," the analyst added.

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However, Ignas does not completely reject the potential profits from this Solana strategy. He acknowledged that integrating Network Extensions from the start, with existing aggregation layer solutions - a step Ethereum didn't take when it first launched Layer 2 - could mitigate some of the common challenges associated with Layer 2 solutions.

This proactive integration can maintain a unified user experience and prevent liquidity fragmentation. "As a result, Solana can maintain a 'monolithic narrative' while benefiting from a modular approach solution. Thus, the 'network extension' narrative can prevail," concluded Ignas.

Changes Give the Monad a Chance to Launch

However, if Solana's narrative shifts to L2, then there will be a void for a new monolithic champion. The crypto analyst concluded: “Solana's shift to a modular scaling approach creates an opportunity for a new monolithic scaling champion in the eyes of the crypto community.” 

“Could this be the perfect moment for Monad to launch? Or will another Layer 1 blockchain usurp the monolithic chain crown from Solana? How interesting!"

At the time this article was written, SOL was trading at $129.60 (around IDR 1.9 million).

This debate shows how dynamic the world of cryptocurrency is, where innovation and new strategies can change the industry landscape in an instant. 

Solana investors and users will certainly be watching this development closely, considering its potential impact on the value of their investments and the future of the platform.

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Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.