Solana 'No Longer In Ethereum's Shadow, SOL Could Outperform ETH,' Says Expert

Solana SOL/USD is well-positioned against Ethereum ETH/USD, according to the analysis of a prominent industry expert.

What Happened: According to Coin Bureau CEO and co-founder Nic, Solana is already outperforming Ethereum. Comparing the two blockchains, Solana started the year with fewer tokens but has since overtaken Ethereum since its ecosystem has seen 65% more token listings in the first half of the year.

Will Solana outperform Ethereum?

Here are 3 charts from the recent CMC H1 report that show how it is already doing so 👇

— Nic (@nicrypto) July 15, 2024

This leads to more users and more active addresses on Solana, which has the most daily active addresses of any Layer-1 blockchain. Ethereum, in comparison, ranks fourth.

Solana is “the home of NFTs” and leads in unique wallets, buyers and transactions, while Bitcoin and Ethereum lead in terms of volume.

Nic points to the meme coin madness driving Solana usage and awareness. "The higher the returns, the more users they draw. It’s a degen cycle and Solana is top here," Nic concludes and thinks, "Solana is no longer in Ethereum’s shadow."

Also Read: Solana Up 7% And Could Get To 50% Of Ethereum’s Valuation As ‘Most Liquid Election Proxy In Crypto,’ Trader Says

Why It Matters: Crypto chart analyst Ali Martinez sees bullish short-term price action coming for SOL:

#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA

— Ali (@ali_charts) July 15, 2024

A ‘W chart pattern' is formed when an asset’s price drops and then rises again before dropping once more and rising for a second time. A double bottom with a W shape signals bullish price momentum.

Another crypto trader recently confirmed a breakout for Solana, with yet another trader seeing Solana making a new all-time high later followed by a rally in ecosystem-related tokens.   

Price Action: In the past 24 hours, SOL is up 3%, taking its weekly gains to 10.7%.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Top Crypto Trader Contemplates Retirement, Looks For ‘One Last Bullish Trade’ On Bitcoin, Ethereum, Solana

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock