Ethereum Merge was crypto’s biggest moment to date. However, it came and went without addressing the two main Ethereum issues: Gas fees and transaction speed. This created an opportunity for Ethereum competitors to move forward and grab market share of ETH once again. Now, an altcoin project seems to be doing exactly that, according to the analyst.
“SHIB is not ETH, this altcoin will skyrocket”
The altcoin project the analyst is talking about is none other than Solana. Solana records 40 million transactions daily compared to Ethereum’s 1 million daily transactions. Thus, it reveals that it is already outperforming the Ethereum network. The network has now overcome its past problems and learned its lessons, giving the analyst 5 solid reasons to believe it’s about to take off once again. This article explains why the analyst expects a jump in SOL price.
“Solana’s NFT ecosystem thrives”
According to the analyst, the first reason for the rise is the developments in the NFT ecosystem. cryptocoin.com As we have reported, Solana’s NFT ecosystem is growing day by day. So much so that the SOL NFT ecosystem ranks 2nd in the market after Ethereum. However, they provide much lower gas fees and higher speeds than Ether. Additionally, there are successful NFT marketplaces such as MagicEden and SolanArt.
However, it is also possible to buy NFTs of the altcoin project from Ethereum’s largest NFT market. Solana NFTs are traded on OpenSea, the largest Ethereum-based marketplace. Meanwhile, the data reveal interesting results. Accordingly, Ethereum made 710,000 transactions and Solana 2.5 million transactions. However, the average selling price on Solana was $47.17, while on Ethereum it was $413.92.
“Extremely fast and environmentally friendly architecture”
However, altcoin SOL is extremely fast. According to the data, Blockchain is capable of processing 2,700 to 3,300 transactions per second. But it’s not just that. Solana’s per-transaction costs are also very low: an average of $0.0025. However, block times are around 400 milliseconds. To the full extent of this, Solana can handle 50,000 transactions per second. In addition, SOL is extremely energy efficient. With the energy of 1 Solana transaction, you can do 3 Google searches. The team is now working to make the network carbon neutral.
“Successful in DeFi and dApp ecosystems too”
According to the analyst, the altcoin project has a lot to offer besides NFTs. For example, SOL also has an ecosystem in the DeFi space. Currently, the TVL of the ecosystem is around $1.29 billion. At this rate, TVL makes it the 6th largest DeFi ecosystem. On DeFi it hosts several DEXs like Orca, Raydium or Saber. It hosts the Solend or Tulip protocols in the lending area. But they host much more interesting projects. For example: Audius, Stepn and Hello Moon.
“SOL turned into a blue-chip L1 altcoin”
According to the analyst, Solana’s altcoin asset SOL is now a blue-chip cryptocurrency. Its developments in the DeFi and NFT ecosystems reveal its growth potential. The NFT space currently has fast-growing collections like Yoots and DeGods. Meanwhile, the retail space also gives its support to Solana. These make SOL less risky compared to other L1s.
“Big investors’ attention is on Solana”
There are some really good investors and VCs behind Solana. These include big firms like Andreessen Horowitz, Polychain Capital, and Multicoin Capital. These companies and more participated in SOL’s 2021 ICO and showed their support. However, a name that remains hidden is among the supporters of SOL. This is Sam Bankman-Fried, CEO of FTX. “Solan is the least valued token,” Bankman-Fried said of the altcoin in August.
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