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Solana (SOL) Price Should Be ‘Bare Minimum’ 3x Higher, According to InvestAnswers
A popular crypto analyst thinks that the Ethereum (ETH) competitor Solana (SOL) is dramatically undervalued.
In a new update, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that the number of daily active addresses on Solana rivals that of Ethereum, yet it is currently only worth 1/25th of ETH’s market cap.
“[Solana] does way more transactions. And the people who are active on the chain are a lot more active and the breadth of DApps (decentralized applications) is broader, etc., etc. And this is a crazy thing that’s going on – it’s mind-boggling, but sometimes markets are irrational.”
The analyst notes that Solana should, at the “bare, bare minimum,” be worth 1/10th the market cap of Ethereum.
Ethereum’s market cap hovers around $227.5 billion at time of writing, meaning 1/10th of that would be around $22.75 billion. Solana’s market cap is currently $8.1 billion, meaning reaching 1/10th of Ethereum’s market cap would equate to a nearly 3x jump.
Says the InvestAnswers host,
“It’s hard to say exactly where this can go, because there’s no solid trading pattern between both, because literally, as I mentioned before, SOL has been bleeding against ETH for the last year with the FTX debacle, etc., etc. It’s just been doing badly. And it needs to break out, and that means it needs to get above $30 and then [it’ll be] off to the races.”
SOL is trading at $20.57 at time of writing. The 11th-largest crypto asset by market cap is down more than 1% in the past 24 hours.
Solana (SOL) Price Should Be ‘Bare Minimum’ 3x Higher, According to InvestAnswers
A popular crypto analyst thinks that the Ethereum (ETH) competitor Solana (SOL) is dramatically undervalued.
In a new update, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that the number of daily active addresses on Solana rivals that of Ethereum, yet it is currently only worth 1/25th of ETH’s market cap....
Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive
The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL’s on-chain activity experienced a decline during May.
Meanwhile, the asset’s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%.
On-Chain Activity Defies New Address Metrics
As of this month (May), Solana demonstrated growth in its user base, with 5.4 million new addresses joining the blockchain. This surge represents the highest number of new addresses added since October 2022, hinting at a surge in interest in the Solana blockchain.
Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement.
Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive
The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL’s on-chain activity experienced a decline during May.
Meanwhile, the asset’s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%....
Solana (SOL) Creator Anatoly Yakovenko Says This ‘Killer App’ Could Spark Next Boom in Crypto Adoption
Solana (SOL) co-founder Anatoly Yakovenko says one crucial development in the crypto space could trigger a boom in digital asset adoption.
Yakovenko says in a new interview with Scott Melker that stablecoin legislation in the US could blow the doors wide open in terms of onboarding new users to the sector.
“My big hope/dream is that this year Congress passes stablecoin legislation and we see a thousand stablecoins bloom that are competing globally and getting every human in the world access to a digital dollar.
And that means that we effectively start onboarding most of the world to the digital dollar on Solana, because it’s the best place to do it. But effectively at a fast, low-cost blockchain.
And once you have enough users with wallets and self-custody that are all doing this, I think then you really have a big enough market [and] you can start testing all the other business models. But we’ll see what happens, right? I think that’s one of the pieces that could cause a massive boom in crypto adoption.”
Solana (SOL) Creator Anatoly Yakovenko Says This ‘Killer App’ Could Spark Next Boom in Crypto Adoption
Solana (SOL) co-founder Anatoly Yakovenko says one crucial development in the crypto space could trigger a boom in digital asset adoption.
Yakovenko says in a new interview with Scott Melker that stablecoin legislation in the US could blow the doors wide open in terms of onboarding new users to the sector....
Solana (SOL) Faces Challenges with the Emergence of This New Competing Project
Solana (SOL), a popular blockchain platform known for its unique consensus mechanism, Proof of History (PoH), and high transaction throughput, is now facing competition from the launch of a new project Tradecurve.io, which price is predicted to surge 5,800% during the presale. Solana’s ability to support smart contracts and its interoperability with other networks have made it a game-changer in various industries. As the landscape evolves, the platform must continue to innovate and adapt to maintain its position in the market.
Solana (SOL) Encounters Challenges Amid Growing Competition
Solana (SOL), a blockchain platform known for its unique Proof of History (PoH) consensus mechanism and the ability to process close to 65,000 transactions per second, is currently facing challenges in a highly competitive market.
Solana (SOL) boasts significant advantages, such as its support for smart contracts and seamless interoperability with other blockchain networks, which establish the platform as a potential game-changer across various sectors. Nevertheless, as new projects and platforms rapidly emerge in the blockchain arena, Solana (SOL) must persist in innovating and adapting to retain its prominence in this constantly evolving environment.
Although it has already drawn numerous applications requiring swift and frequent transactions, such as financial services and supply chain management, Solana (SOL) needs to innovate to remain a preferred choice for developers and users alike. In summary, Solana (SOL)’s distinct features and capabilities have played a pivotal role in securing its strong standing within the blockchain industry.
Read More: https://bitcoinist.com/solana-sol-faces-challenges-with-the-emergence-of-this-new-competing-project/
Solana (SOL) Faces Challenges with the Emergence of This New Competing Project
Solana (SOL), a popular blockchain platform known for its unique consensus mechanism, Proof of History (PoH), and high transaction throughput, is now facing competition from the launch of a new project Tradecurve.io, which price is predicted to surge 5,800% during the presale. Solana’s ability to support smart contracts and its interoperability with other networks have made it a game-changer in various industries. As the landscape evolves, the platform must continue to innovate and adapt to maintain its position in...
Solana (SOL) Price Trend Update: Will May Bring a Reversal?
• The Solana (SOL) price has decreased over the past two weeks and is at risk of a breakdown.
• The price action and wave count supports the ongoing drop.
• Moving above $26 will mean that the trend is bullish.
The Solana (SOL) price is at risk of breaking down from an ascending support line that has been in place since the start of the year.
Since the line has been in place for a long period of time, the breakdown below it would mean that the ongoing increase has ended. So, it could cause a sharp decrease toward the closest support.
However, the price has fallen since April 20 and is in the process of breaking down from the line. Since the line has been in place for 125 days, a breakdown from it would be a decisive bearish development.
The Relative Strength Index (RSI) gives a neutral reading. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold, and to determine whether to accumulate or sell an asset.
Read More: https://beincrypto.com/sol-price-trend-may-where-to-next/
Solana (SOL) Price Trend Update: Will May Bring a Reversal?
• The Solana (SOL) price has decreased over the past two weeks and is at risk of a breakdown.
• The price action and wave count supports the ongoing drop.
Solana (SOL) Retests Multi-Month Trend Line, Bulls Prevailing Again?
Sunday night’s crypto market-wide correction has once again sent the Solana price down to a level that is crucial for price action in the coming weeks. SOL has been forming an ascending trend line on the 1-day chart since late December last year, which could lead the price back into bullish territory, as NewsBTC reported.
Already in the last few days, the Solana price had tested the trend line (black) before a decent bounce to the upside took place. However, yesterday’s price action pushed SOL back to the trendline. However, as the 4-hour chart shows, SOL has shown strength and remained above the trendline.
The retracement has also caused Solana’s Relative Strength Index (RSI) to reset on the 4-hour chart. With the RSI near the overbought zone at 68, there has now been a healthy pullback to 41. Thus, the 4-hour chart continues to look bullish.
A look at the 1-hour chart continues to show a similarly strong picture. For SOL’s bulls, today is all about closing above the $22 level to stay above the trendline. If successful, the bulls can once again tackle resistance at $22.78 before the big challenge: the 200-day Exponential Moving Average (EMA) (blue).
Read More: https://www.newsbtc.com/news/solana/solana-sol-retests-multi-month-trend-line/
Solana (SOL) Retests Multi-Month Trend Line, Bulls Prevailing Again?
Sunday night’s crypto market-wide correction has once again sent the Solana price down to a level that is crucial for price action in the coming weeks. SOL has been forming an ascending trend line on the 1-day chart since late December last year, which could lead the price back into bullish territory, as NewsBTC reported.
Already in the last few days, the Solana price had tested the trend line (black) before a decent bounce to the upside took place. However, yesterday’s price action pushed SOL back to the trendline. However...
Solana (SOL) Trust by Grayscale Now Open to OTC Markets Traders: Report
A recently published press release states that Grayscale's Solana (SOL) trust is now available for trading on the OTC Markets platform, exposing it to a wider circle of traders.
SOL is the native cryptocurrency of Solana, whose whitepaper first emerged in 2017. Solana Network is often called an "Ethereum killer," as its goal is to let developers create smart contracts that can work on the Solana Network powered by SOL tokens. Similarly to Ethereum, Solana intends to expand the utility of blockchain far beyond payments.
Cryptocurrency trusts provided by Grayscale are basically shares backed by actual cryptocurrencies stored by the company. But this way, investors get exposure to digital assets without facing the difficulties of buying and storing them in a direct manner. There are over 304 GSOL shares, according to the press release. All crypto trusts of Grayscale are regulated by the Securities Act of 1933 and, therefore, trade as securities. U.S.-based investors can buy them directly, along with other securities.
Read more on U.Today https://u.today/solana-sol-trust-by-grayscale-now-open-to-otc-markets-traders-report
Solana (SOL) Trust by Grayscale Now Open to OTC Markets Traders: ReportA recently published press release states that Grayscale's Solana (SOL) trust is now available for trading on the OTC Markets platform, exposing it to a wider circle of traders.
SOL is the native cryptocurrency of Solana, whose whitepaper first emerged in 2017. Solana Network is often called an "Ethereum killer," as its goal is to let developers create smart contracts that can work on the Solana Network powered by SOL tokens. Similarly to Ethereum, Solana intends to expand the utility of blockchain far beyU....
Solana (SOL) On-Chain Staking Now Supported on This Major Exchange: Details
Solana's SOL on-chain staking is now supported by Singapore-based cryptocurrency exchange Crypto.com. On-chain staking utilizes the blockchain's proof-of-stake platform to generate rewards through a process referred to as "staking."
The announcement was made through the crypto.com institutional Twitter account. Solana users will be able to earn rewards with up to 5% APR. In late March, Coinbase announced its transition to on-chain staking for four cryptocurrency assets, including Solana.
According to staking rewards, Solana ranks as the second largest staking network after Ethereum, with a staking market cap of $7,956,072,148. Solana has a staking ratio of 72.55%. The number of stakers over the last seven days currently stands at 588,976. At the time of writing, SOL was marginally up 0.41% in the last 24 hours at $20.19. The token ranks as the tenth largest cryptocurrency with a market capitalization of $7.83 billion.
Read more on U.Today https://u.today/solana-sol-on-chain-staking-now-supported-on-this-major-exchange-details
Solana (SOL) On-Chain Staking Now Supported on This Major Exchange: Details
Solana's SOL on-chain staking is now supported by Singapore-based cryptocurrency exchange Crypto.com. On-chain staking utilizes the blockchain's proof-of-stake platform to generate rewards through a process referred to as "staking."
The announcement was made through the crypto.cominstitutional Twitter account. Solana users will be able to earn rewards with up to 5% APR. In late March, Coinbase announced its transition to on-chain staking for four cryptocurrency assets, including Solana....
Solana (SOL) Surpasses Ethereum (ETH) in Monthly Active Addresses: Details
According to blockchain analytics firm Nansen, six major blockchains had more than one million active addresses in March. The "addresses" in this context refer to those that have executed a transaction.
The six blockchains given are BNB Chain, Solana (wallets), Ethereum, Polygon, Arbitrum and Fantom.
The BNB chain led the pack in active addresses with 13.3 million users. Active wallets on the Solana network increased in March, outpacing other blockchains, including Ethereum. Active wallets for Solana stood at 5.8 million, while Ethereum saw 5.2 million active addresses, ranking third after Solana. Blockchains Polygon, Arbitrum and Fantom saw active addresses of 3.9 million, 2.2 million and 1 million, respectively. Nansen lists the entities contributing to the growth of active addresses seen for the blockchains mentioned.
Read more on U.Today https://u.today/solana-sol-surpasses-ethereum-eth-in-monthly-active-addresses-details
Solana (SOL) Surpasses Ethereum (ETH) in Monthly Active Addresses: DetailsAccording to blockchain analytics firm Nansen, six major blockchains had more than one million active addresses in March. The "addresses" in this context refer to those that have executed a transaction.
The six blockchains given are BNB Chain, Solana (wallets), Ethereum, Polygon, Arbitrum and Fantom.
The BNB chain led the pack in active addresses with 13.3 million users. Active wallets on the Solana network increased in March, outpacing other blockchains, including Ethereum. Active wallets for Solana stoodU.T...
Will Solana (SOL) Price End March on a Happier Note?
The Solana (SOL) price is expected to increase toward $27. The reaction once it gets there could determine the future trend.
SOL is the native token of the Solana blockchain, created by Anatoly Yakovenko. The Solana Network Grizzlython Hackathon ended on March 14. Grizzlython is an online hackathon for the Solana ecosystem. In it, builders submit their projects and compete with others over a six-week period, and the winner has an opportunity to raise seed funding from prominent crypto investors aided by the Solana Foundation.
Solana (SOL) Price Reaches Critical Level
The Solana price has fallen under a descending resistance line since reaching an all-time high price of $259.90 in November 2021. The decrease led to a low of $8 in December 2022. The SOL price reversed the trend immediately afterward, creating a bullish engulfing candlestick next week (green icon).
Read More: https://beincrypto.com/solana-sol-price-recovers-after-sharp-fall/
Will Solana (SOL) Price End March on a Happier Note?
The Solana (SOL) price is expected to increase toward $27. The reaction once it gets there could determine the future trend.
SOL is the native token of the Solana blockchain, created by Anatoly Yakovenko. The Solana Network Grizzlython Hackathon ended on March 14. Grizzlython is an online hackathon for the Solana ecosystem. In it, builders submit their projects and compete with others over a six-week period, and the winner has an opportunity to raise seed funding from prominent crypto investors aided by the Solana Foundation....
