{"id":463301,"date":"2024-09-26T15:49:46","date_gmt":"2024-09-26T15:49:46","guid":{"rendered":"https:\/\/www.crypto-news-flash.com\/?p=861688"},"modified":"2024-09-26T15:49:46","modified_gmt":"2024-09-26T15:49:46","slug":"solana-could-reach-50-of-ethereums-market-cap-by-dominating-defi-and-payments-says-vaneck","status":"publish","type":"post","link":"https:\/\/e-bitco.in\/index.php\/2024\/09\/26\/solana-could-reach-50-of-ethereums-market-cap-by-dominating-defi-and-payments-says-vaneck\/","title":{"rendered":"Solana Could Reach 50% of Ethereum\u2019s Market Cap by Dominating DeFi and Payments, Says VanEck"},"content":{"rendered":"<ul>\n<li><strong>VanEck\u2019s report highlights Solana\u2019s potential to double its market cap, challenging Ethereum with its low fees, fast transaction speeds, and higher transaction volume.<\/strong><\/li>\n<li><strong>Solana\u2019s price could experience another explosive rally, with analysts predicting up to a 170% surge.<\/strong><\/li>\n<\/ul>\n<hr>\n<p>Digital asset manager VanEck recently published a report noting that Layer 1 blockchain network Solana remains quite undervalued in comparison to its Ethereum. While the Ethereum market cap stands at $315 billion, the Solana market cap is just at $71 billion. Thus, VanEck believes that Solana can reach at least half the market cap of Ethereum, i.e., 2x from the current levels.<\/p>\n<p>However, to make this possible, SOL will need to double down on its strengths, which include low fees, fast transaction speeds, etc. The report published by VanEck\u2019s research firm MarketVector compares Solana with Ethereum across different metrics.<\/p>\n<p>Amid other technological advancements and growing institutional interest, the Solana blockchain has experienced remarkable growth, enhancing its market visibility. The <a href=\"https:\/\/www.marketvector.com\/insights\/mvis-onehundred\/eth-vs-sol\" target=\"_blank\" rel=\"nofollow noopener\">report<\/a> from MarketVector notes:<\/p>\n<blockquote>\n<p>When comparing Ethereum and Solana, the data is striking. Solana processes 3,000% more transactions than Ethereum, has 1,300% more daily active users, and its transaction fees are nearly 5 million percent cheaper. These are monumental differences that showcase Solana\u2019s potential efficiency and scalability advantages.<\/p>\n<\/blockquote>\n<p>Additionally, the report also highlights some of the key areas like Defi, stablecoins, and payments, where Solana can challenge Ethereum. Solana can challenge Ethereum in terms of speed and efficiency, thereby gaining an edge in this massively expanding market.<\/p>\n<p>\u201cAnother major use-case is lending and borrowing within the DeFi space, a sector expected to continue growing at a rapid pace. Payments and remittances also hold massive potential, especially with Solana\u2019s lower fees and faster transaction times,\u201d VanEck stated. Big players like Franklin Templeton have chosen Solana blockchain to launch its mutual fund, <a href=\"https:\/\/www.crypto-news-flash.com\/solanas-phone-strategy-ignites-price-rally-as-franklin-templeton-eyes-mutual-fund-on-blockchain\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> CNF.<\/p>\n<h3>Solana (SOL) Price Eyes Explosive Rally<\/h3>\n<p>After surging past $200 earlier this year in the first quarter of 2024, the Solana (SOL) price saw a 40% retracement, moving all the way to $120 before resuming the uptrend. As of now, the SOL price is trading at $152 with a market cap of $71.3 billion.<\/p>\n<p>On the technical chart, SOL is showing a similar price action to that of the year 2021, when it crossed the crucial resistance level of $141.82. Back in 2021, when SOL crossed these levels, its price surged by another 82% by November, hitting its all-time high levels of $260. If Solana manages to pull off a similar performance this year as well, we could see another rally moving ahead. Some market analysts are also predicting a 170% rally for SOL, <a href=\"https:\/\/www.crypto-news-flash.com\/solana-price-jumps-investors-get-excited-about-this-170-altcoin-rally-is-xrp-up-next\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> CNF.<\/p>\n<p>As illustrated below, the Relative Strength Index (RSI) broke above the descending trendline during the previous bull market, confirming the prediction. A similar pattern now seems to be unfolding, with the RSI once again showing signs of breaking above the trendline.<\/p>\n<figure id=\"attachment_861794\" aria-describedby=\"caption-attachment-861794\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-861794\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/09\/SOLUSD-1200x678.webp\" alt width=\"788\" height=\"445\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-large wp-image-861794\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/09\/SOLUSD-1200x678.webp\" alt width=\"788\" height=\"445\" data-sizes=\"(max-width: 788px) 100vw, 788px\"><figcaption id=\"caption-attachment-861794\" class=\"wp-caption-text\">Courtesy: TradingView<\/figcaption><\/figure>\n<p>Another indicator reinforcing this outlook is Solana\u2019s active addresses, which recently reached an all-time high. A rise in active addresses indicates more participants engaging in successful transactions, reflecting increasing demand for SOL. If network activity on Solana continues to grow, SOL\u2019s price is likely to follow suit.<\/p>\n<figure id=\"attachment_861807\" aria-describedby=\"caption-attachment-861807\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-861807\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/09\/solana-active-addresses-1200x490.webp\" alt width=\"788\" height=\"322\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-large wp-image-861807\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/09\/solana-active-addresses-1200x490.webp\" alt width=\"788\" height=\"322\" data-sizes=\"(max-width: 788px) 100vw, 788px\"><figcaption id=\"caption-attachment-861807\" class=\"wp-caption-text\">Courtesy: Artemis<\/figcaption><\/figure>\n<div class=\"tve-leads-shortcode tve-leads-triggered tve-tl-anim tl-anim-instant tve-leads-track-shortcode_228374\">\n<div class=\"tl-style\" id=\"tve_tcb2_set-001\" data-state=\"50\" data-form-state>\n<div class=\"tve-leads-conversion-object\" data-tl-type=\"shortcode_228374\">\n<div class=\"tve_flt\">\n<div id=\"tve_editor\" class=\"tve_shortcode_editor\">\n<div class=\"thrv-leads-form-box tve_no_drag tve_no_icons thrv_wrapper tve_editor_main_content thrv-leads-in-content tve_empty_dropzone\" data-css=\"tve-u-185a09262cb\">\n<div class=\"thrv_wrapper thrv_text_element\">\n<p data-css=\"tve-u-185a09262d4\"><span data-css=\"tve-u-185a09262d5\">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; No spam, no lies, only insights. You can unsubscribe at any time.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.crypto-news-flash.com\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>VanEck\u2019s report highlights Solana\u2019s potential to double its market cap, challenging Ethereum with its low fees, fast transaction speeds, and higher transaction volume. Solana\u2019s price could experience another explosive rally, with analysts predicting up to a 170% surge. Digital asset manager VanEck recently published a report noting that Layer 1 blockchain network Solana remains quite [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":463302,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[25,1668,3430,3774,4329],"class_list":{"0":"post-463301","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-other","8":"tag-news","9":"tag-sol-price","10":"tag-solana-sol","11":"tag-solana-blockchain","12":"tag-solana-vs-ethereum"},"_links":{"self":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/463301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/comments?post=463301"}],"version-history":[{"count":0,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/463301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media\/463302"}],"wp:attachment":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media?parent=463301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/categories?post=463301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/tags?post=463301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}