SOL initiated a rapid surge early this morning, reaching $238 at the time of writing, with a 24-hour gain of 11%. It is now just 9% away from its all-time high.
(Background: Vitalik: Solana has much lower requirements for decentralization compared to ETH; Ethereum is the only one comparable to Bitcoin)
(Supplementary Information: Standard Chartered analyst: SOL is almost certain to set new highs by year-end; ETH will have to wait until Trump’s inauguration)
Driven by the meme coin craze, veteran public blockchain Solana has undoubtedly become one of the most watched Layer 1 blockchains in this bull market, with the price of SOL continuing to rise this year. At 8:00 AM today, SOL made another push, reaching $238 at the time of writing, with a 24-hour gain of 11%. It is now just about 9% away from its historical high of $259 during the 2021 bull run.
Ethereum Shows Weakness
Notably, Ethereum, which has been underperforming throughout this bull market, failed to break through after reaching $3,444 on November 12th. It has since retreated to $3,116 at the time of writing, falling 2.2% over the past week.
According to data from TradingView, the current exchange rate of Ethereum to Bitcoin has dropped to 0.03432, showing a downward trend over the past year, with a decline of 15.77% in the last week. In contrast, the exchange rate of SOL to Bitcoin has risen by 38% over the past month.
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Arthur Hayes: I Favor Solana Over ETH; Election Results Are Not Critical, Key Is ‘Fed Rate Cut’