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Solana Makes Headlines As Ethereum Competitor

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It’s been revealed that Solana is in the headlines as Ethereum competitor. Check out the latest reports below involving the popular digital asset.

Solana is ETH main competitor

New data from crypto insights firm Messari revealed that Solana (SOL) is emerging as a challenger to the leading smart contract platform Ethereum’s (ETH) non-fungible token (NFT) market dominance.

In a recent report, Messari made sure to note as per the online publication the Daily Hodl that even though Solana’s overall usage declined in Q2 of this year, its NFT activity has greatly accelerated.

“Following a breakout end to 2021 and beginning of 2022, Solana NFT activity accelerated amidst the network’s decline in usage and DeFi activity during Q2.”

The same notes reveal the following:

“Daily new NFTs dramatically increased to over 7 million newly minted NFTs, representing 46.4% growth. For perspective, newly minted NFTs over the first six months of 2022 are twice the amount minted during all of 2021.”

It’s been also revealed that the market intelligence company unveiled that NFT activity on Solana exploded in May and June after it reached a 2022 low in March.

SOL new price prediction

A popular analyst addressed the price charts for half a dozen crypto assets as the markets rebound from a challenging last few months.

The pseudonymous trader Altcoin Sherpa made sure to tell his followers that while he foresees smart contract platform Solana (SOL) rising to around $60 as long as Bitcoin (BTC) holds up, long term he’s not optimistic about SOL’s strength.

“Although I think price is going to $60ish if BTC stays healthy, I think that it’s still very bearish overall.”

He continued and said the following:

“If you’re looking for some sort of macro reversal pattern, you’ll probably get a much better entry than current price later [in my opinion]. Still a good trading opportunity now.”

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