The cryptanalyst Santiago Santos recently established parallels between the ethereum-killer-heres-why/” rel=”nofollow”>Solana and ethereum Networks. As part of his analysis, Santos suggested that solarium had an advantage over ethereum-to-10000-programmed/” rel=”nofollow”>ethereumsomething he thinks could make the former catch up to the latter soon enough.
Solana's recent run is similar to the ethereum ICO boom
Santos mentioned in an X (formerly Twitter) mail that Solana is “going through what ethereum went through during the ICO boom.” However, unlike then, when it was just technical documents, Solana has applications that are seeing significant usage and growth, the analyst further stated. This is one of the reasons why Santos believes that Solana “will converge on ethereum faster than most believe.”
The crypto analyst was referring to Solana's recent career, with the network experiencing a lot of activity. Some of this activity has been attributed to the applications and protocols being created on the Solana network. Particularly, the ethereum/” rel=”nofollow”>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 created quite a stir at the height of the ICO (Initial Coin Offering) boom, with many projects flooding the network at the time. In particular, ethereum's decentralized finance (DeFi) landscape gave the network an advantage, a factor that contributed 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 be sufficiently prepared to ethereum/” rel=”nofollow”>take the place of ethereum as the king of DeFi. Narratives that have continued to work in Solana's favor include his speed and profitability.
After Santos' publication, another X user implied that Solana Adoption Rate it would probably be higher than ethereum's, considering that users don't have to worry about high fees.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/One-analyst-compared-Solana-to-the-Ethereum-ICO-boom-what" alt="Tradingview.com Solana Price Chart (ethereum)” width=”3266″ height=”1530″ loading=”lazy”/>
SOL price loses footing above $100 | Source: SOLUSD on Tradingview.com
Will Solana hit $150 soon?
He significant activity on the Solana network is believed to be one of the catalysts that could push the price of SOL to $150. Various analysts They have continued to highlight that price level as the next major stop for the crypto token. Furthermore, Jupiter is crypto-preview-5-crucial-stories/” rel=”nofollow”>configured to airdrop your JUP tokens on January 31.
This long-awaited event will cause new money to flow into the Solana ecosystem, and the price of SOL is likely to be positively affected by this outpouring of liquidity. Beyond Jupiter, other DeFi projects in 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 more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image of The Block, chart from Tradingview.com
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