Solana price was up over 3% today, with the crypto soaring past the $153 mark recently, fueling market interest. Amid this, a recent report from VanEck research firm shows that the crypto is gearing up for a rally to $330, further bolstering the market sentiment. In addition, the report also indicates that it could potentially challenge the market dominance of Ethereum, sparking market discussions.
Solana Outshines Ethereum In Key Areas
According to the VanEck research firm MarketVector report, Solana has outshined Ethereum in several areas. For instance, the report showed that the former processes 3000% more transactions, while boasting 1300% more daily active users than the latter. In addition, its transaction fees are “5 million percent cheaper”, which makes it a more efficient and scalable solution.
However, despite this, SOL’s market capitalization remains only 22% of Ether. This has sparked debates, especially as the former outshines the latter in those key areas. However, the report noted that there are rising speculations that the former may soon challenge the latter’s market dominance.
According to technical analysis, as mentioned in the report, SOL could potentially capture 50% of Ether’s market cap, with the Solana price hitting a price of $330. It showed that the DeFi sector, stablecoins, and payments would drive the growth of the Solana blockchain.
Meanwhile, decentralized exchanges (DEXs) and DEX aggregators have become pivotal to the ecosystem, offering fast, low-fee transactions that make SOL more appealing to users and investors alike. The ongoing expansion of DeFi could further support SOL’s growth as it challenges Ethereum’s position.
Solana Price Soars
Following the report, SOL price surged 3.23% to $151.43, while touching a 24-hour high of $153.55. Over the last seven days, the crypto has added about 17% in value, reflecting the regaining market focus towards it. In addition, CoinGlass data showed that Solana Futures Open Interest rose about 1% to $2.44 billion.
However, the latest report notes that while retail investors are recognizing SOL’s advantages, institutional adoption has lagged. Ethereum holds a first-mover advantage and wider institutional trust, which explains why many investors have hesitated to rotate large amounts of capital into SOL.
The post Solana Price To Hit $330 Challenging Ethereum Dominance: Report appeared first on CoinGape.
