Solana has an idea. Market sh*t out of it! 

But hype only works to a point; after a while, users become wiser and start ignoring the buzz. 

The key to winning is for the hype to exceed the substance or at least match it, and Solana seems to be ticking all the right boxes.

But would this mix of hype and substance move the need for SOL? 

Let’s find out!

TLDR 📃

• Solana is pushing to attract new users and generate hype through its  “Only Possible On Solana” campaign.
• Solana’s carbon footprint (per transaction) is less than a Google search.
• Sign-in With Solana is a new feature by Phantom Wallet that allows easier verification when using dApps.
• SOL will range between $22 - $19 for a while, but this could be another chance to accumulate it at a discount.

Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.

Solana has a plan to bring the next 1 billion into crypto🪧

In the quest to attract interest in the Solana ecosystem, Solana has launched a new campaign - Only Possible On Solana.

The goal is to exhibit uses and utility for blockchain technology that are (you guessed it) only possible on Solana. 

The advertising campaign is both digital and in the real world, with posters spotted throughout Berlin and other cities:

Solana’s new campaign represents the second prong in a two-pronged approach. 

It’s fairly simple - bring the users in and make them comfortable with a simple and convenient user experience. Execution is the hard part.

Solana is now clearly in a position where its ecosystem has stabilised after the FTX palaver, the protocol is now more accessible, and it’s time to put Solana back out there.

And Solana has got just the right sidekick to help it onboard new users. 

Phantom Wallet launches Sign-in with Solana ✅

Phantom has been on a roll recently, launching new features almost weekly. 

This week is no different - Phantom has launched Sign-In With Solana (SIWS), similar to Sign-In With Google. This feature allows Solana dApps to verify and authenticate users with a Solana address. 

Before SIWS,  users would have to connect to a dApp and then carry out a transaction to “sign” their wallet. This process was often confusing for new users, who had no idea what they were signing. 

In most instances, those trying to use a Solana dApp for the first time are hit with a message like this:

It simply doesn’t make any sense to newbies, and some crypto natives would struggle to figure out what it means.

With the SIWS feature, authenticating on Solana has become a one-click process. 

No more jarring messages, no more confusion - just click and connect!

By streamlining how users interact with Solana, the whole experience becomes more pleasant for users - new and old. 

This ultimately (theoretically) should attract, or at least capture, more users over the long term. Solana is betting on the idea that more people would likely hang around the Solana ecosystem if the front end is more user-friendly than what other blockchains offer.

But we’ve been banging on about the Solana user experience for a few weeks. 

But bringing new users comes at a cost. 

How much energy does the Solana network consume?

Solana’s amazing energy consumption⚡

One of the angles critics use to attack Bitcoin and crypto, in general, is the carbon footprint. 

“Bitcoin uses more energy than Sweden” has been the headline for the last 2 years. Obviously, that’s not the full story, but the fewer angles of attack we give the nay-sayers, the better.

And now, Solana has stepped up to the mark…

Here’s the new headline:

“One Solana transaction uses less energy than one Google search.”

Talk about efficiency!

In fact, one Bitcoin transaction uses more energy than the entire Solana network consumes in 1 hour.

This exceptional performance can be attributed to the ongoing work to reduce the processing power needed to execute some actions on Solana. 

For example, we wrote about NFT compression a couple of months ago, and 1 million NFTs were minted $110.

Low energy usage also contributes to low costs for end users. If the validators aren’t forking out for a lot of electricity, then those savings are passed on as lower-cost transactions. 

Granted, Solana’s impressively small carbon footprint might not save the planet from global warming, but it’s winning the PR battle against other chains. 

But has any of this impacted the price of SOL?

Price analysis📈

Ever since failing to break past $30, SOL has been in a steady descent back to the $22 - $19 support region, and now we're here.

There couldn't have been a better time for SOL to retest support. Here’s an altcoin being at support at the same time as Bitcoin – you can see the potential here, right?

We're expecting SOL's price to range between $22 - $19 for a while but then bounce straight off and head back to $30. 

Of course, this scenario becomes a reality only if BTC holds its support or climbs up to higher support.

Cryptonary’s take 🧠

For months, all we’ve seen from Solana is an insatiable hunger to provide the best platform and infrastructure for the end users. 

We know we’re starting to sound like Solana shills, but there simply haven’t been any major reasons to be pessimistic about Solana’s prospects - no downtime, no major hacks. 

Sentiment has been up only.  

Solana embodies this battle cry for crypto - if you build, the users will come. 

Solana is in the midst of the “building” part, and with the progress that’s been made throughout 2023, we’re sure the users are coming. 

But as usual, time will tell!

For Solana, our thesis remains the same - accumulation is the name of the game.

As always, thanks for reading! 🙏

Cryptonary, out!