As of writing this article, the price of Solana stands at $26.7. Looking ahead, the introduction of the Solang compiler is expected to act as a bullish catalyst for the recovery of SOL price in the long run.

SOL Price Trend in 2023, Source: TradingView.

On July 19th, Solana (SOL), a competitor to Ethereum, introduced a new compiler called Solang, which is steadily attracting developers from the Ethereum (ETH) ecosystem.

Specifically, the new tool makes it easier for Ethereum Virtual Machine (EVM) developers familiar with Solidity smart contract development to transition to the Solana blockchain. It enables developers to explore the Solana blockchain and write decentralized applications (DApps) on the Solana blockchain.

In fact, Solana's release is a response to the growing competition among protocols like Neon EVM, which introduced similar tools to enhance compatibility between the Solana and Ethereum ecosystems.

Solang is compatible with Solidity version 0.8 and grants the EVM framework access to core network functionality. Initially, Solana Labs focused on writing smart contract scripts in Rust or C for development purposes.