Solana has been among the most in-demand cryptocurrencies over the past two years. The demand is such that SOL price reached an all-time high of $263.83 on November 23, 2024.
Since hitting an all-time high, SOL price, like several other cryptocurrencies, has plunged into a persistent bear market, hitting a low of $175.91 in December. But SOL price climbed above $210, with a target of $300.
Given the bullish nature of SOL, many are wondering why SOL whales are paying attention to another token. Let’s explore the Solana ecosystem in more detail and take a look at the latest update influencing SOL price action.
SOL Price to Increase Following Solana Security Upgrade Against Quantum Computers
Solana included a new security mechanism in response to concerns that quantum computers could compromise user funds. The goal of the “Solana Winternitz Vault,” a quantum-resistant system that uses sophisticated encryption, is to protect digital assets from the dangers of quantum computing attacks.
Current cryptographic techniques protecting networks like SOL may be vulnerable to quantum computers. One example is fundamental elliptic curve cryptography (ECC) used in digital wallets.
The SOL Winternitz Vault hopes to solve this problem by using a signature system that creates new keys for each transaction. This strategy will make it much more difficult for quantum computers to exploit the system and decipher the secret keys protecting SOL users’ money.
The SOL technique involves generating 32 private key scalars and hashing each of them 256 times to generate a secure public key. The vault only keeps the hash of the public key for verification purposes rather than the entire key. To further mitigate risks, it automatically generates new keys after each SOL transaction.
Simply put, every time a transaction is made on SOL, the vault generates a new set of keys, ensuring that the keys exposed in that transaction cannot be used in future attacks.
The system stores a hash of the public key rather than the whole thing, improving security and making verification easier. Despite its importance, not all SOL users should upgrade to the Winternitz Vault.
SOL users can only store their money in the vault for quantum security if they request the service. This additional collateral for SOL wallets is expected to increase widespread adoption of the SOL token and price.
SOL ETF could soon become a reality
According to Matthew Sigel, head of research at VanEck, the likelihood of a SOL ETF being authorized in the United States in 2025 is strong, exceeding current predictions. Sigel says Polymarket’s forecast of 77% falls short of that potential.
If the SOL ETF were approved, institutional and individual investors could have much easier access to SOL coin. If Sigel’s prediction comes true, integrating SOL into more conventional investment strategies will be a significant step forward.
Conclusion
With the SOL security upgrade and potential ETF approval, the price of SOL appears set at an all-time high of $300 minimum. Still, several Solana investors are stepping up to pre-sell Remittix, which is understandable given crypto’s hot new potential.
Remittix (RTX) is a crypto-to-fiat PayFi using cutting-edge payments infrastructure that enables the movement of fiat currency across international borders. Remittix is currently on pre-sale and is available for $0.0185, giving initial holders a healthy boost 20% return on investment in just 8 days!
Learn about the future of PayFi with Remittix by checking out their presale here:
Website: https://remittix.io/ Social networks: https://linktr.ee/remittix
