Solana Rising: Key Metrics Hint At Serious Ethereum Competitor

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The Solana blockchain network has been making tremendous strides and is on its way to catching up with Ethereum. Based on hedge fund Syncracy Capital’s recent findings, the market share and the valuation of Solana have increased in a short period, going as far as an estimate placing the network at 33% of the worth of Ethereum. Related Reading Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead? 1 day ago

This progress highlights how far Solana has come since being considered an undervalued player in 2023, thanks to more coherent architecture, higher transactions per second and simplicity of development. Solana has seen, and continues to see, an increasing volume of activity on-chain and growth in users and builders, after shaking off the difficulties caused by the collapse of FTX. Advancement Of App Earnings And Other Metrics

Undoubtedly, the most noteworthy change this month is that Solana set a new record, outperforming Ethereum in terms of monthly application revenue. This is hardly surprising, given the rise in applications that are finance and commerce oriented. Source: Syncracy Capital

Retailers have found Solana very appealing because it is easy to use on mobile devices, and has low transaction costs. Pumpdotfun and other apps like it are also showing off the full potential of Solana’s network. These apps currently make over $348 million a year.

With about 42 million SOL locked as of October 26, Solana’s TVL has reached a two-year high. By contrast, Ethereum’s TVL has stayed somewhat unchanged – particularly in decentralized finance (DeFi) and decentralized physical infrastructure networks (DePIN) – which are both seeing a spike in usage on the platform. This rise in TVL reflects the growing confidence in Solana’s ecosystem. SOL market cap currently at $103 billion. Chart: TradingView.com The Future Of Solana And The Expanding Ecosystem

The appeal of Solana’s ecosystem is steadily on the rise, even vying with Ethereum in the few niches that remain uncontested. The network does not only focus on retail merchants, but it is also on the rise with several innovative DePIN protocols that aim to incentivize the users to maintain the real world infrastructure.

Solana’s forthcoming Firedancer upgrade is anticipated to further improve the network’s scalability. Syncracy Capital said this will maintain Solana’s valuation disparity with Ethereum at a low level, thereby establishing it as a formidable competitor. Related Reading XRP Price Patterns And 2024 Election Spark Talk Of A New Rally 1 day ago Source: CoinCodex SOL Price Forecast

It is projected that by the 14th of December, 2024, the price of Solana will have appreciated by 12%, hitting $242, data from CoinCodex shows.  Considering that the Fear & Greed Index lies within its ‘Extreme Greed’ limits and consumer behavior is still positive, it would be more logical to purchase Solana at this point in time. More so, there is a likelihood that the price of Solana will also go up bearing in mind the efficiency of the network and the month’s growth of 30%.

Featured image from DALL-E, chart from TradingView