• The Solana Foundation released its latest performance report on July 20th, which showed an improvement in its network.
• Following Ripple’s legal victory against the U.S. Securities and Exchange Commission (SEC), SOL’s price rose nearly 30%.
• Vitalik Buterin expressed his concern about the SEC targeting projects such as Solana with their lawsuits.

Solana Performance Report

The Solana Foundation released its latest performance report on July 20th, which showed an improvement in its network through the first half of 2023, as measured by uptime and the ratio of non-voting-to-voting transactions. SOL’s price rose nearly 30% following the news of Ripple [XRP] securing a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July.

Ripple’s Legal Victory

The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of XRP tokens violated federal securities laws. The crypto industry has lapped up this judgement instantly, generating a price rally across tokens.

Ethereum as Layer-2?

Even as SOL is touted to be the “ Ethereum [ETH] killer,” Solana Labs co-founder Anatoly Yakovenko seems to be in agreement with the idea of using Ethereum as a layer-2 for the Solana blockchain . Even Ethereum founder Vitalik Buterin is an admirer of the Solana protocol .

SEC’s Lawsuits

When SEC sued Binance [BNB] and Coinbase [BASE] in early June, it labeled several altcoins , including SOL , as securities . Even Buterin rued over how SEC is targeting projects like Solana with their lawsuits .

ChatGPT Predicts Price Increase for SOL ChatGPT predicts that Solana will reach $500 by this quarter , but it would require coin’s price to rise by 20 times .