Solana SOL/USD Is Well-Positioned Against Ethereum ETH/USD, According to the Analysis of a Prominent Industry Expert

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Solana (CRYPTO: SOL) is positioned well against Ethereum (CRYPTO: ETH), according to an analysis by a prominent industry expert.

What Happened: Coin Bureau CEO and co-founder Nic recently shared his thoughts on Solana and how it has already outperformed Ethereum.

Comparing the two blockchains, Nic pointed out that while Solana started the year with fewer tokens, it has since overtaken Ethereum.

Solana’s ecosystem has seen 65% more token listings in the first half of the year compared to Ethereum. This leads to more users and more active addresses on Solana, which has the most daily active addresses of any Layer-1 blockchain. Ethereum, in comparison, ranks fourth.

Highlighting Solana being “the home of NFTs,” the analysis showed that Solana leads in unique wallets, buyers and transactions, while Bitcoin (CRYPTO: BTC) and Ethereum lead in terms of volume.

Nic points to the meme coin madness driving Solana usage and awareness. “The higher the returns, the more users they draw. It’s a degen cycle and Solana is top here,” Nic concludes and thinks, “Solana is no longer in Ethereum’s shadow.”

See Also: Solana Up 7% And Could Get To 50% Of Ethereum’s Valuation As ‘Most Liquid Election Proxy In Crypto,’ Trader Says

Solana Price Action: Crypto chart analyst Ali Martinez sees bullish short-term price action coming for SOL:

A ‘W chart pattern' is formed when an asset’s price drops and then rises again before dropping once more and rising for a second time. A double bottom with a W shape signals bullish price momentum.

Another crypto trader recently confirmed a breakout for Solana, with yet another trader seeing Solana making a new all-time high later followed by a rally in ecosystem-related tokens.

Over the last 24 hours, SOL is up 3%, taking its weekly gains to 10.7%.

The Deriva-Tech Basket, a crypto index designed to measure the performance of seven derivative-heavy Layer-1 assets, including Solana, is up 1.5% in the last 24 hours and 10.1% for the week.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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