Solana price was up over 3% today, with the crypto soaring past the $153 mark recently, fueling market interest. Amid this, a recent report from VanEck research firm shows that the crypto is gearing up for a rally to $330, further bolstering the market sentiment. In addition, the report also indicates that it could potentially challenge the market dominance of Ethereum, sparking market discussions.
Solana Outshines Ethereum In Key Areas
According to the VanEck research firm MarketVector report, Solana has outshined Ethereum in several areas. For instance, the report showed that the former processes 3000% more transactions, while boasting 1300% more daily active users than the latter. In addition, its transaction fees are “5 million percent cheaper”, which makes it a more efficient and scalable solution.
However, despite this, SOL’s market capitalization remains only 22% of Ether. This has sparked debates, especially as the former outshines the latter in those key areas. However, the report noted that there are rising speculations that the former may soon challenge the latter’s market dominance.
According to technical analysis, as mentioned in the report, SOL could potentially capture 50% of Ether’s market cap, with the Solana price hitting a price of $330. It showed that the DeFi sector, stablecoins, and payments would drive the growth of the Solana blockchain.
Meanwhile, decentralized exchanges (DEXs) and DEX aggregators have become pivotal to the ecosystem, offering fast, low-fee transactions that make SOL more appealing to users and investors alike. The ongoing expansion of DeFi could further support SOL’s growth as it challenges Ethereum’s position.
Solana Price Soars
Following the report, SOL price surged 3.23% to $151.43, while touching a 24-hour high of $153.55. Over the last seven days, the crypto has added about 17% in value, reflecting the regaining market focus towards it. In addition, CoinGlass data showed that Solana Futures Open Interest rose about 1% to $2.44 billion.
However, the latest report notes that while retail investors are recognizing SOL’s advantages, institutional adoption has lagged. Ethereum holds a first-mover advantage and wider institutional trust, which explains why many investors have hesitated to rotate large amounts of capital into SOL.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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