Polygon, Optimism, and Arbitrum, among other Layer-2 tokens, are currently in the spotlight, following the underlying blockchain Ethereum (ETH). This positive outlook comes as capital flows into Ethereum while the Solana ecosystem breathes. The contention revolves around innovation, where improved privacy, interoperability, and a rich DeFi ecosystem play important roles. Crypto analyst Lockridge Okoth takes a closer look at these 3 tokens.
While Ethereum is booming, Layer-2 tokens are in tears!
With interest shifting from Solana to Ethereum (ETH), L2 tokens including MATIC, OP, and ARB rose. MATIC is up 28% on the week, while OP is up 54% and ARB is up 34%. It also pointed to growing interest among traders, with tenfold trading volume increases on a daily basis. As seen in the charts below, the odds continue to favor the bulls, given the strong buyer presence in the respective markets, indicated by large volume green histogram bars in the positive zone. Relative Strength Index (RSI) positions also indicate strong price strength, further emphasizing the bullish outlook.
cryptokoin.comAs you follow from , the focus suddenly shifted from Solana to the Ethereum Blockchain. During this period, the leading altcoin is still a matter of debate in terms of innovation metrics. In particular, enhanced privacy, interoperability, and a rich decentralized finance (DeFi) ecosystem play crucial roles in the battle for supremacy. However, Solana founder Anatoly Yakovenko says he envisions a future where the two projects coexist. In this context, he does not accept the statement ‘Solana is an Ethereum killer’. Moreover, he asks his followers to abandon this discourse.
Interest shifts from SOL to ETH as BONK loses ground
However, the influx of capital into the Ethereum network at the expense of the SOL network is evident with the Ethereum price rising 1% on the day versus Solana’s 5.6% decline. However, in the weekly time frame, ETH is up 6.33% while SOL is up 11.42%. Among the key drivers of Solana price is the meme coin fever that continues to fade. So, the epic rally in the Bonk Inu price is among these driving forces. BONK price has witnessed an epic rise. Solana Saga phones sold out in the US market as traders chased 30 million BONK given as a bonus for the purchase.
It should be noted that there is no guarantee that buyers will make a profit on their Saga phone purchases. Because they will only receive bonus tokens when they receive the phones. If the BONK price falls, as is characteristic of speculative tokens, the gains on paper will evaporate. At the time of this writing, the price of Solana-based meme coin BONK is down 2% on the day. Moreover, it lost 24.5% of its value on a weekly basis. Moreover, technical indicators such as RSI and AO indicator are in a downward trend. Therefore, more losses are possible. This also reflects the attention shifting away from Solana.
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