This past week, the SOL price saw a staggering 7% growth. At press time, the fifth largest cryptocurrency is traded at $157.22.
SOL/ETH Rivalry
Ethereum's recent price surge has caused the SOL/ETH pair to decline, showing a relative underperformance of Solana compared to Ethereum. However, according to CryptoQuant CEO Ki Young Ju, Ethereum is progressively losing market cap to Solana.
Advantages of Solana Over Ethereum
A report by VanEck released on September 25, highlights Solana's significant advantages in speed and efficiency. Solana's transaction speed is 3000% higher than Ethereum's, with a daily active user count 1300% higher and transaction fees nearly 5000000% cheaper.
SOL Price Prediction
Solana has struggled to maintain upward momentum as it nears key resistance levels, particularly the $160 mark. Breaking through and turning this level into support could ignite another rally, potentially pushing SOL toward $180. However, if Solana fails to overcome this resistance, a retracement back to the $140 range is possible, with further consolidation likely.
Solana's growth rate attracts investors, but competition with Ethereum remains a significant challenge. Breaking key support levels may strengthen the long-term bullish trend for SOL.
Comments