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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Solana SOL SOLUSDT
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Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Solana
Reading Time: 2 mins read

Solana (SOL) is the best performing asset in the crypto top 10 by market cap. The market seems to be positively reacting to Solana Labs’ smartphone announcement as the cryptocurrency is surging faster than other assets in this tanking.

Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

At the time of writing, SOL’s price trades at $42 with a 12% and 36% profit in the last 24 hours and 7 days respectively. In the meantime, the second-best performing cryptocurrency is XRP with a 16% profit in the past week, followed by Polkadot (DOT) with 15%, and Ethereum with 14% profits.

Solana SOL SOLUSDT
SOL’s price trends to the downside on the 4-hour chart. Source: SOLUSDT Tradingview

Solana has been recovering after experiencing massive selling pressure. In addition to trending in tandem with the crypto market, the cryptocurrency was impacted by negative news and a series of network outages that prevented users from transacting on it.

This week’s bullish momentum could be related to yesterday’s announcement, but a pseudonym analyst believes Solana is playing the long game. In that sense, this network is posing a “large and growing threat to Ethereum”, currently, the most used blockchain across decentralized finances (DeFi).

The analyst claims the team behind Solana is addressing the complexities and difficulties people have when using Ethereum. The network, its ecosystem, and products on it, the analyst claims, require users to have a degree of technical knowledge and allegedly have poor performance.

In addition, Ethereum is an expensive network that prices out a lot of users from accessing its ecosystem. The analyst believes a blockchain should be built for the everyday user and thus claims the “Solana crowd is more in touch with reality”.

This could work out for this network in the long run and potentially attract market share from Ethereum. The launch of its own native smartphone seems like the tip of the iceberg. The analyst said:

is this very decentralized? no. is this ethically funded/monetized? probably not, lol. but could your grandma use this? YES. but projects in the ecosystem generally gravitate towards better usability, because solana builders generally focus on usability more than eth builders.

Solana More Productive Than Ethereum?

Furthermore, the analyst claims Solana developers are “more productive” and more “focused” than Ethereum developers. The analyst concluded:

I strongly dislike Solana. but it is healthy to put Ethereum in the hot seat at times like these. if we feed ourselves isolated delusions of Ethereum being uncontested while relatively failing to serve the normal user, then Solana just might win.

Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison

At its peak, Ethereum DeFi protocols commanded over $100 billion in total value locked (TVL) while Solana reached over $12 billion. If the latter is capable of taking a portion of Ethereum’s TVL, Solana could return and surpass its all-time high and see unprecedented expansion.

Solana SOL SOLUSDT
Ethereum’s total value locked (TVL) reached $100 billion at its 2021 all-time high. Source: DeFi Pulse
Tags: SolSolanaSOLUSDT
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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