Solana (SOL) has painted its short-term price gauges in green after it responded positively to a recent development that involved its blockchain network and Google Cloud.
After the cloud service provider announced it will now serve as validator for the Solana network, SOL initiated a rally that pumped its price by 15%, enabling it to briefly reach the $40 marker.
At press time, however, tracking from Coingecko reveals the asset wasn’t able to hold on to its gains as it is currently changing hands at $35.76.
Despite losing almost $5 in its spot trading price, the altcoin is still up by almost 9% over the last seven days and has also gone up by 28% for the past two weeks.
On a month-to-date basis, the 10th largest cryptocurrency in terms of market capitalization has grown by 7.2% although it is still several miles away from its all-time high (ATH) of $259.96 which it attained on this very day last year.
Google Cloud And Solana Connection
Just recently, German data center operator Hertzner, which cited violation of its policies as the ground, removed 1,000 Solana validators from its system.
Despite this development, Anatoly Yakovenko, founder and Chief Executive Officer (CEO) of the blockchain network remained positive and was confident in saying that no more outages will be experienced by their clients before the year ends.
Now that we got your attention… check this out: Google Cloud is running a block-producing @solana validator to participate in and validate the network.
— Google Cloud (@googlecloud) Nov 5, 2022
He went on to say that there will be a new validator that would help Solana to maintain its network uptime. then here comes Google Cloud.
Using its official Twitter account, the service provider tagged Yakovenko asking if they should tell their big news. This was followed by the following message:
“Now that we got your attention… check this out: Google Cloud is running a block-producing @solana validator to participate in and validate the network.”
Not Stopping At Just Being A Validator
It looks like the partnership between Solana and Google Cloud is more than just the latter becoming a helpful and reliable blockchain validator.
It was also announced by the cloud service provider that it will work with the DeFi network to introduce a Blockchain Node Engine to the Solana Chain next year.
The engine, which is well known for being widely used by Ethereum developers, is a hosting service that when integrated to the network will make it easier to be accessed.
If this plan pushes through next year, the Solana network and its SOL native token are sure to benefit from it as more accessibility means more transactions and more transaction volumes would later translate into higher trading prices for the crypto asset.
BTCUSD trading at $21,227 billion on the weekly chart | Featured image from Wealth of Geeks, Chart: TradingView.com