Cardano CEO Congratulates Solana (SOL) on the Success of its New Project

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Cardano CEO Congratulates Solana (SOL) on the Success of its New Project
Cardano CEO Congratulates Solana (SOL) on the Success of its New Project

Charles Hoskinson, the founder of the Cardano (ADA) blockchain, is impressed with Solana’s (SOL) progress as he praises its success. He also wanted to find out more about the project and asked where he could get the information he needed. SOL was the first altcoin to hit a new all-time high (ATH) after crashing in May and continues to release a new ATH every other day.

Solana co-founder Raj Gokal replied to Hoskinson, hinting that his DM is open to any questions Hoskinson raises. Since the two are mostly classified as “Ethereum killers” by their followers, the dialogue between the two is attractive for many people.

Solana’s SOL Bullish Moves

SOL broke the $100 mark today and set a new ATH of $101.8, the current trading price is $98.4. The altcoin is up 33% in the past week and their prices have nearly tripled since early August. It has closed the weekly candle seven times in a row over the past two months, suggesting that bullish momentum has established itself over time.

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SOL/USD Chart. Source: TradingView

Solana is a decentralized programmable blockchain that claims to be one of the fastest-growing crypto ecosystems, with nearly 400 projects on the platform that include Defi and NFT.

Possible Reasons for Hoskinson’s Intense Interest

Hoskinson’s keen interest in the project could also be due to the planned Alonzo upgrade on Cardano come September 12, which will incorporate smart contract support. This allows Cardano to support Dapps and NFT projects, which Solana is currently doing with great success, as it is a relatively new blockchain.

As the all-important upgrade date approaches, ADA also broke the previous ATH of $2.47. The current trading price of the altcoin is $2.83 after an ATH of $2.97 release, it faced a $3 rejection and then traded sideways. As you can see from the fact that the altcoins peaked at 25% last week, the hype mentioned on social media surrounding the upgrade is very high.

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ADA/USD Chart. Source: TradingView

As Cardano enters a new era of competition, Hoskinson could learn from Solana’s rapid growth and success. Ethereum is currently too big for new projects to replace or get close to, but its size has created scalability issues and made room for smaller blockchains.