- Solana’s scalability and low fees make it a strong Ethereum competitor in 2024.
- Celebrity adoption and dApp success could drive Solana’s market revaluation soon.
- SOL’s price could surge 43% if momentum continues, outperforming XRP.
Solana ($SOL) has consistently shown impressive performance and adoption within the blockchain ecosystem. Despite its successes, it remains undervalued compared to other major cryptocurrencies.
The network’s increasing popularity, adoption by celebrities, and strong dApp activity suggest that Solana has the potential to outperform competitors like XRP. Moreover, its technical performance has continued to improve, positioning it as a promising investment in 2024.
Strong Market Presence and Adoption
Solana has gained significant traction in the blockchain space, largely due to its low transaction fees and fast speeds. Many celebrities have launched memecoins on the Solana network, including influential figures like Donald Trump. This has brought additional visibility to the blockchain, which has been attracting both retail and institutional interest.
Additionally, Solana’s decentralized applications (dApps) continue to rank among the top ten by transaction fees. For instance, platforms like Raydium and Jito have consistently maintained strong positions in the market, further validating the blockchain’s appeal.
Outperformance in 2024
In 2024, Solana demonstrated a clear advantage over Ethereum ($ETH) in terms of transaction fees. This outperformance highlights Solana’s superior scalability and efficiency, making it an attractive option for developers and users.
Moreover, the blockchain’s ability to handle high transaction volumes without significant fees sets it apart from Ethereum, where gas fees can become prohibitively expensive. Consequently, Solana’s ability to cater to mass adoption while maintaining lower costs makes it a key player in the blockchain space.
Potential for Market Revaluation
Despite the strong fundamentals, Solana’s market valuation remains relatively low. In comparison, XRP boasts a $188 billion market cap, but its usage and relevance are often questioned. Solana, on the other hand, has built a solid foundation with growing dApp activity and celebrity endorsements.
Hence, if Solana continues to build momentum, it could outperform XRP, with a potential upside of at least 43%. This price appreciation could occur as the market begins to recognize Solana’s broader use case and its growing role in the blockchain ecosystem.
Technical Analysis and Price Levels
Solana’s price has recently faced a decline, dropping 10.88% in a single day. At press time, its price stands at $254.10, with resistance levels around $285 to $290. However, a critical support level lies near $230, where the price has previously bounced back.
The Relative Strength Index (RSI) is at 68.91, signaling strong buying pressure, but the possibility of a short-term pullback remains. The Moving Average Convergence Divergence (MACD) indicates bullish momentum, suggesting that the price may recover once it stabilizes at the support level.