Why Cryptocurrency Solana Is Pumping On Saturday

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

What Happened: The price of cryptocurrency Solana (CRYPTO: SOL) surged ahead on Saturday on the heels of an announcement by Google Cloud, a unit of Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL).

Google Cloud teased the news with a tweet Saturday at 11:15 a.m. ET that immediately sent the price of Solana soaring.

“Hey @aeyakovenko should we tell our followers the big news?” Google Cloud tweeted, tagging the account of Solana co-founder Anatoly Yakovenko.

Shortly after the tweet, Google Cloud announced that it will run a block-producing Solana validator to participate in and validate the network. Googled Cloud also announced it was working with Solana to bring 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 it easier to access historical data for Solana developers. Big Query is a serverless data warehouse operated by Google.

Google Cloud also shared that its recent October partnership with Coinbase Global (NASDAQ: COIN) could help with payment acceptance of Solana with Google Cloud services.

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

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

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

The conference is providing a look back and what's ahead for Solana and includes updates on several items including a Solana-themed mobile phone.

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

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

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