'Solana Is The Ethereum Of The Last Cycle,' Says Raoul Pal: SOL Up 11% In A Week

Layer-1 blockchain Solana SOL/USD is up 11% over the past week, taking back the spotlight from meme coins and looking to build further bullish momentum.

What Happened: "Macro guru" and Real Vision CEO Raoul Pal stated that "crypto summer" just started and is "up only" in his latest interview on the Rug Radio YouTube channel.

He described crypto summer as being in the middle of a strong uptrend, wherein you can get 30% pullbacks in the short term. Pal foresees 2024 as a crypto summer year:

“This is the time when ETH outperforms Bitcoin, Solana outperforms ETH, a bunch of alts will outperform Solana… The big trade is now on.”

Specifically highlighting Solana, he predicts the token to peak at fresh all-time highs this market cycle, saying that “Solana is the Ethereum of the last cycle.”

Depending on the upcoming crypto cycle, Solana is likely to witness a surge between 235% and 570% from current levels, Pal said.

Also Read: Bitcoin Rally Sparks Hope For Altcoins Revival Despite 72% Of Projects Dying Since 2020: 'BTC Increasing Lifts All Boats In A Way'

Why It Matters: The rise in Solana addresses and total value locked indicates rising adoption of the token and genuine user engagement on the network.

The surge in addresses comes amid a weekly 8% price rally, taking its monthly gains to 35%.

Zeta Markets Founder Tristan Frizza told The Block, “With Solana already recording more daily transactions than Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its ascent to a top three blockchain by market cap seems inevitable.”

Based on The Block’s Data Dashboard, the number of daily active addresses on Solana has surged to 1.01 million as of March 11, compared to 779,080 addresses one week prior.

Additionally, the number of new addresses on the Solana network surged to 717,960 as of March 11, compared to 513,270 one week prior.

Solana's value moved on-chain, daily, standing at $3.18 trillion as of March 10, compared to $1.13 trillion as of last week.  

While meme coins have been witnessing a rally for some weeks now, Layer-1 coins may be heating up to catch the market rally.

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