Introduction
Solana [SOL] made big news recently by passing Tether [USDT] to become the fourth-largest cryptocurrency for a short time. Its price surged to $251, giving it a market value of $126 billion before falling back to fifth place. This has sparked talk about whether SOL could eventually challenge Ethereum [ETH].
Memecoin Craze Helps Solana Grow
The launch of the OFFICIAL TRUMP memecoin gave Solana’s network a huge boost. This new token brought a lot of attention and activity to the Solana blockchain, making it even more popular.
Some key numbers include:
- Daily Transactions: Reached 850,000.
- Trading Volume: Jumped from $9 billion to $20 billion in just two days.
- Total Value Locked (TVL): Hit a record $11.3 billion.
These increases show that Solana is attracting more users and gaining momentum.
Solana’s Technical Strength
SOL’s price rise showed solid performance on the charts. The 50-day moving average is $210.10, which is higher than the 200-day average of $175.90. This means the trend is still upward. The Relative Strength Index (RSI) at 69.44 shows that buyers are very active, and there’s room for further growth.
Trading activity was also high, with 1.73 million SOL tokens traded during the price rally. This shows strong interest in SOL.
Ethereum Still Leads
Ethereum [ETH] is still ahead, trading at $3,393.63 with a market cap of $411.3 billion. Its 50-day moving average is $3,536.84, showing stability. For SOL to catch up to Ethereum, it would need to grow to $850 per token at its current supply level. That’s a very ambitious goal.
Can Solana Beat Ethereum?
SOL’s recent growth is impressive, but catching up to Ethereum will be hard. It will take more than a single memecoin’s success to make that happen. To compete with Ethereum, SOL needs more users and projects that go beyond short-term trends like memecoins.
Solana must:
- Keep its price above $250.
- Build a broader range of uses beyond memecoins.
- Attract long-term developers and users.
The TRUMP token gave Solana a nice boost, but its future success depends on consistent growth and innovation.
Conclusion
SOL’s short rise above Tether shows it has potential to compete with the top cryptocurrencies. However, becoming as big as Ethereum will require steady growth and long-term improvements to its blockchain. For now, SOL is an exciting player in the market, but its journey to the top is far from over.
