- The Render Network’s decentralized GPU infrastructure, powered by Solana, democratizes access to computing power for AI and 3D artists.
- VanEck’s significant investment in Solana and its DePIN projects underscores the growing institutional interest in the platform.
- A strong technical setup, including a falling wedge pattern, indicates the potential for a significant price increase for Solana.
The emergence of decentralized physical infrastructure networks (DePIN) on Solana is one of the emerging trends in 2024. Platforms like Introducing the network and VanEck have been instrumental in making a significant impact on the technology landscape.
As artificial intelligence gains momentum, the demand for computing power has risen to new heights. Render Network, pioneered by DePIN, leveraged Solana blockchain technology to create a decentralized GPU infrastructure. This innovative approach allows them to democratize access for AI developers and 3D artists globally.
One can gauge the huge potential by comparing it to Airbnb in terms of computing power, as users can share unused GPU resources to earn rewards, while others can access this power on demand.
VanEck invests in DePIN, fueling Solana’s growth
Adding to the excitement is that VanEck, manager of a major investment fund, recently backed Solana’s DePIN project, DAWN. This massive investment of over $10 million shows their belief in the potential of DePIN. Notably, VanEck also invested in the smart contract platform earlier in 2024, which contributed to a significant price increase. Rumors about VanEck’s soon-to-be-launched SOL ETF have heightened optimism about the token’s future.
DePIN has been one of the promising trends that uses blockchain technology to manage and incentivize the use of real-world infrastructure, such as computing power in this case. This has the potential to disrupt and improve many industries, providing a more efficient and accessible way of managing resources.
Solana looks to breakout despite market skepticism
On the price front, SOL has peaked, but technical analysis tells a different story. The 5th ranked token formed a falling wedge (usually a bullish reversal pattern) near previous resistance turned support at $215. This setting was recently confirmed as a strong support level, and indicates a potential upward movement.
Analysts expect a breakthrough Sol It is likely to achieve all-time highs before the end of the year. Traders are anticipating bullish momentum, driven by this strong technical structure. Despite the doubts, Solana remains poised for further gains as it approaches the critical breakout level.
