Analyst Compared Solana To Ethereum ICO Boom, What Does This Mean For SOL Price?
31 Gennaio 2024 - 4:30PM
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Crypto analyst Santiago Santos recently drew parallels between the
Solana and Ethereum networks. As part of his analysis, Santos
suggested that Solana had an advantage over Ethereum, something
which he believes could cause the former to catch up with the
latter soon enough. Solana’s Recent Run Similar To Ethereum’s
ICO Boom Santos mentioned in an X (formerly Twitter) post that
Solana is “going through what Ethereum did during the ICO boom.”
However, unlike then, when it was only whitepapers, Solana has
applications seeing meaningful usage and growth, the analyst
further claimed. This is one of the reasons why Santos believes
that Solana will “converge on Ethereum faster than most believe.”
Related Reading: Skybridge Capital CEO Reveals When Bitcoin Price
Will Reach $170,000 The crypto analyst was referring to Solana’s
recent run, with the network seeing a lot of activity. Some of this
activity has been credited to the applications and protocols being
built on the Solana network. Particularly, the Decentralized
Exchange (DEX) Jupiter has been drawing a lot of attention to
Solana and even recently surpassed Ethereum’s Uniswap in daily
trading volume. On the other hand, Ethereum is known to have
generated significant buzz at the height of the ICO (Initial Coin
Offering) boom, with a lot of projects swamping the network at the
time. Notably, Ethereum’s Decentralized Finance (DeFi) landscape
then happened to give the network an edge, a contributing factor to
ETH’s rise to become the second largest crypto token. Santos’
recent comment echoes a growing belief in the crypto community that
Solana may indeed be primed enough to take Ethereum’s place as the
King of DeFi. Narratives that have continued to work in Solana’s
favor include its speed and cost-effectiveness. Following
Santos’ post, another X user hinted that Solana’s adoption rate
would probably be higher than Ethereum’s, considering users don’t
have to worry about high fees. SOL price loses footing above $100 |
Source: SOLUSD on Tradingview.com Solana To Hit $150 Soon? The
significant activity on the Solana network is believed to be one of
the catalysts that could drive SOL’s price to $150. Several
analysts have continued to highlight that price level as the next
significant stop for the crypto token. Moreover, Jupiter is set to
airdrop its JUP tokens on January 31. Related Reading: Dogecoin On
The Verge Of Breakout: Crypto Analyst Says Get Ready For DOGE To
Pop This highly anticipated event will cause new money to flow into
the Solana ecosystem, with SOL’s price likely to be positively
impacted by this splurge of liquidity. Beyond Jupiter, other DeFi
projects on Solana are making waves, and these projects could also
launch their native tokens at some point in the year. At the
time of writing, SOL is trading at just over $100, down over 2% in
the last 24 hours, according to data from CoinMarketCap.
Featured image from The Block, chart from Tradingview.com
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