
While Solana, the “killer of Ethereum”, is reborn after a tumultuous period, its spectacular progress against its historic rival rekindles the debate: are we witnessing the beginnings of a paradigm shift in the crypto universe?
Solana, the crypto tsunami sweeping towards Ethereum
Solana (SOL) posted gains outpacing other major cryptocurrencies with a 7% price increase on Wednesday morning. At the time of writing, SOL is trading at $60.16 apiece, a 24-hour increase of more than 7% (CoinGecko). Over 7 days, SOL gained 10%.
This trend shows a return to favor for the outsider Solana. After a trying year in 2022, marked by repeated outages and the FTX affair, the decentralized network seems to be attracting investors again.
SOL had a phenomenal rally in November. The price of Ethereum competitor exceeded $50 for the first time since May 2022, outperforming most cryptos in performance. According to expertsthis surge would be due to a compression caused by the exit of short sellers and the renewed interest of institutions.
Yet, a month later, Solana continues to climb. Over the past 30 days, SOL is up over 70%. The crypto market is otherwise relatively sluggish. Bitcoin and Ethereum have barely moved over 24 hours. The same goes for Dogecoin, Tron and XRP. Only Avalanche (AVAX) is progressing as well as SOL over 24 hours, at $20.87 (+80% in one month).
Raoul Pal compares Ethereum and Solana
Famous crypto trader and investor Raoul Pal recently brought a unique perspective to the comparison between Ethereum and Solana. According to him, the use of Solana stands out for the most fluid, fast and user-friendly user experience.
Renowned for his in-depth analyzes based on blockchain, his comments comparing the two networks on a purely fundamental level are out of the ordinary. In his in-depth study, he likens Ethereum to Android, praising the immensity of its decentralized ecosystem, while Solana is similar to Apple in its concern for user comfort.
His words sum up his opinion well: “ Once in the Solana ecosystem, everything seems super fast, smooth, engaging and easy for the user. The best analogy is that SOL is Apple where ETH is Android. Both are winners. Huge. »
Through this unprecedented analysis, Raoul Pal highlights Solana’s ability to compete with Ethereum, and it is on almost all levels. He particularly salutes the excellence of his Phantom portfolio, very popular with SOL holders.
The skeptical view: Ethereum remains the undisputed leader
Although Solana wins in some aspects, it is still far from being able to compete with Ethereum. Indeed, if it impresses with its technical performance, it cannot yet match the richness of the Ethereum ecosystem nor its domination of the dApps sector.
In addition, Ethereum also benefits from an essential advantage: its credibility and reputation solidly established for years in the crypto industry. So, despite high fees and scalability limitations, it remains the benchmark for institutional investors.
Will Solana one day succeed in dethroning Ethereum? If it continues on its current dynamic, this is not impossible. However, there is still a long way to go for this pretender to the throne, who must above all consolidate investor confidence in the long term.
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