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HomeNewsSolana Emerges as the 'Ethereum of the Last Cycle,'as SOL Gains 11%

Solana Emerges as the ‘Ethereum of the Last Cycle,’as SOL Gains 11%

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  • The increase in active addresses and overall value secured demonstrates real uptake and interaction within the Solana ecosystem.
  • Surpassing major players such as Ethereum and BNB Chain in terms of daily transactions, Solana’s network indicates a certain ascendancy.

Solana has experienced an 11% increase in the past week, capturing interest away from meme-based digital currencies and creating positive momentum that indicates further growth. Raoul Pal, the macro expert and head of Real Vision, states that the “crypto summer” is now underway, with all signs pointing towards growth.

During his latest discussion on the Rug Radio YouTube channel, Pal characterised this phase as a robust upward movement, foreseeing short-term retracements of as much as 30%, yet maintaining a highly positive forecast for 2024.

Why is Solana relevant now?

What’s interesting is that it compares Solana to what Ethereum represented in the previous cycle, predicting that Solana could experience a235% to 570%increase from its current levels .

Source: The Block

This forecast is based on Solana’s growing adoption and genuine user engagement on its network. Tristan Frizza, founder of Zeta Markets, mentions that, given Solana’s daily transaction count surpassing that of Ethereum, Arbitrum, Optimism, BNB Chain, Tron and Avalanche combined, its ascent to the top three blockchains by market cap seems inevitable.

Source: The Block

The figures are unmistakable: by March 11, the number of daily active addresses on Solana had climbed to 1.01 million, up from 779,080 just a week earlier. Moreover, the number of new addresses on the Solana network increased to 717,960 by March 11, up from 513,270 the week before.

Moreover, the daily on-chain transaction volume in Solana reached $3.18 billion by March 10, marking a significant rise from $1.13 billion the preceding week.

The question is, what does all this tell us? That we are facing a pivotal moment for Solana and, by extension, the crypto universe.

Pal’s outlook and the increase in Solana adoption and transactions are not just cold numbers; they are a reflection of growing confidence and interest on the part of investors and users.

As ETHNews previously noted, the crypto landscape is constantly evolving, and Solana is marking its territory strongly. According to a previous ETHNews report , now is the time to pay attention and, perhaps, consider what role Solana will play in our digital portfolios.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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