Sign Up on MEXCSolana Price To Hit $330 Challenging Ethereum Dominance: Report
Highlights
- Solana price is expected to surge to $330, challenging Ethereum's market dominance.
- SOL outperforms Ethereum in transactions, daily active users, and transaction fees.
- Solana's market capitalization could reach 50% of Ethereum's, a recent report predicts.
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.
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
