Why Cryptocurrency Solana Is Pumping On Saturday – ReneSola (NYSE:SOL)

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A leading cryptocurrency saw a boost on Saturday with news linked to one of the biggest companies in the world. Here’s what investors should know.

What happened: The price of cryptocurrency Solana SOL/USD surged ahead on Saturday on the heels of an announcement from Google Cloud, a unit of Alphabet Inc GOOGGOOGLE,

Google Cloud teased the news with a tweet on Saturday at 11:15 a.m. ET, which immediately sent the price of Solana skyrocketing.

“Hey @aeyakovenko shall we tell our followers the big news?” Google Cloud tweeted and tagged Solana’s co-founder’s account Anatoly Yakovenko,

Shortly after the tweet, Google Cloud announced that it will run a block-producing Solana validator to join and validate the network. Googled Cloud also announced that it was working with Solana to bring the Blockchain Node Engine to the Solana chain in 2023.

Google said the Blockchain Node Engine will make it “easy for anyone to launch a dedicated Solana node in the cloud.”

Google will also index Solana data and bring it to Big Query next year, which could make accessing historical data easier for Solana developers. Big Query is a serverless data warehouse powered by Google.

Google Cloud also shared that its latest partnership in October with Coinbase Global COIN could help with payment acceptance by Solana with Google Cloud services.

Related Link: How to Buy Cryptocurrencies

Why it’s important: Google said it is working to help Web3 developers “build and deploy new products on blockchain platforms.”

The Blockchain Node Engine is a fully managed node hosting option that is different from self-managed nodes that require constant management, Google said.

The partnership with Google Cloud was announced as part of the Solana Breakpoint Conference held in Lisbon from 4 Nov. to Nov. 7, 2022.

The conference provides a look back and what’s ahead for Solana and includes updates on several topics, including a Solana-themed mobile phone.

The partnership with Google could increase the applications and usefulness of the Solana blockchain, which could cause the price of Solana to continue higher into 2023.

SOL Price Action: At the time of writing, Solana is up 10% to $36.23, hitting a daily high of $38.55 following the announcement. Solana has traded between $26.06 and $260.06 over the past 52 weeks.

Read Next: Coinbase Q3 Earnings Summary: Revenue and EPS Miss, Monthly Users Fall Less Than Robinhood

Photo: Courtesy of shutterstock.com



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