Solana (SOL) Meteoric Rise: Unveiling The 'Ethereum Killer' Hype

One of the top ten cryptocurrencies now trading is Solana (SOL), which is increasing in value. The cryptocurrency was trading at $91.25 when writing, up 17.34% over the previous seven days.

Solana (SOL) has experienced remarkable growth this year, especially considering its previous setbacks during the FTX collapse. Given its recent surge, numerous analysts are optimistic that SOL might reach a three-digit value before the year concludes.

At the beginning of the year, Solana (SOL) was trading slightly below $10. However, a remarkable 809.50% increase, as reported by CoinMarketCap on a Year-To-Date (YTD) basis, reignited the idea that Solana might pose a significant challenge to Ethereum (ETH).

While ETH has experienced a positive year, its performance pales compared to SOL. ETH has seen a growth of 94.03% since Jan 1. A recent report from Coin Edition highlighted the surpassing of Sol DEX volume over Ethereum, indicating a notable increase in network activity for the blockchain currently ranked second by market value.

Solana (SOL) Rise: A Crypto Contradiction

In November, a crypto trader, Jacob Canfield, asserted that Solana was poised to surpass Ethereum, drawing parallels to its dominance in 2019 and 2020. Canfield defended his viewpoint by highlighting outstanding projects on the Solana blockchain that could contribute to its ascendancy.

On Dec 2, the co-founder of Solana conveyed that Sol had no intentions of “killing” Ethereum, contrary to certain predictions. In his message, he urged the Sol community to refrain from perpetuating this narrative and instead emphasized the importance of concentrating on constructive efforts in building.

Sol has faced challenges outperforming Ethereum in a specific aspect, notably in Total Value Locked (TVL). As per DeFiLlama, Ethereum boasted a TVL of $28.55 billion, whereas Solana’s lagged with a TVL of $1.31 billion.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.