Solana Price To Hit $330 Challenging Ethereum Dominance: Report

A recent report has indicated that the token might likely rise to $330 dethroning Ethereum based on transaction throughput and other factors. The forecast is that over the next five years, Solana price will raise its price to $330 and compete with Ethereum. SOL has more TPS than Ethereum, more daily active addresses, and higher transaction fees. Solana’s market capitalization could emulate Ethereum and rise to 50% of the trailblazer’s market cap, according to a recent report.

Despite Solana’s experiences at the bearish side of the market early today, the coin price was up by over 3% making the digital asset cross the $153 recently. In this regard, a recent report from VanEck Research firm reveals that the crypto is poised to hit $330 for a new rally kind of boosting the market standing. Furthermore, it also emerges that it may threaten to displace Ethereum as a market leader, which will create market talk.

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Solana Price Outshines Ethereum In Key Areas

We compared Solana to Ethereum in 5 categories and Solana did better in all of them.

In recent weeks, as highlighted by the VanEck research firm MarketVector Solana price outperforms Ethereum in many aspects. For example, the former completes three thousand percent more transactions and has 1,300 percent more active users per day than the latter. Moreover, its transaction fee is “5 million percent cheaper, ” making the platform more efficient and scalable than others.

But still, SOL’s market capitalization is only 22% of Ether. This has raised arguments primarily because the former excels the latter in those areas of focus. However, the report also provided an observation that suggests that there are increasing indications that the former is gradually threatening to unseat the latter as the market leader.

Detailed in the report by technical analysis, Solana  could overtake Ether and achieve a $330 price tag for SOL to capture half of Ether’s market cap. This revealed that the DeFi sector, stablecoins, and payment will drive the Solana blockchain.

On the other hand, DEXs and DEX aggregators have emerged as critical components of the ecosystem, providing efficient, cheap transactions that appeal to users and buyers of SOL. The continued decentralised finance expansion could also help SOL’s growth since it threatens Ethereum’s dominance.

Solana Price Soars

After the report, SOL reached $151.43, up 3.23%, with a one-day high of $153.55. In the past week, the crypto has appreciated by approximately 17% Aio, demonstrating the shift of market attention back to the crypto. Besides, Other data based in CoinGlass revealed that Open Interest in Solana Futures edged up by nearly 1% to $2.44 billion.

But the most recent report goes on to state that while retail investors are waking up to the benefits of SOL, institutional counterparts are still lagging. Ethereum has several initial advantages, including broader institutional acceptance, which is why it has yet to see big bets on solid be placed in SOL.