Real Vision’s expert crypto analyst, Jamie Coutts, suggests that Solana—often considered a formidable competitor to Ethereum—might be on the brink of a significant breakthrough. According to Coutts, Solana has experienced a phenomenal increase in active addresses, surging by triple digits over the past three months. This exceptional growth sets it apart from other smart contract platforms, indicating that a major price movement could be on the horizon for this Ethereum rival.
Coutts notes that Solana’s recent price adjustments, together with its promising network metrics, contribute to its potential breakout.
Understanding Solana’s Breakout Potential
“Solana: active addresses exploded by 276%, yet fees dropped 11.3%. Price looks like a coiled spring, primed for a breakout.” These words from Coutts highlight the anticipation around Solana’s current market position. The convergence of increased activity and reduced fees positions the network for an upswing.
Comparative Performance of Ethereum Rivals
While analyzing other smart contract platforms during the same period, Coutts shared some insights:
- Ethereum: Fees appear to have bottomed out, rising 77%, but the price remains lackluster at -21.9% price momentum.
- TON: Despite a 208% rise in active addresses and a 103% fee increase, the price growth (+26.1%) seems subdued after Telegram’s CEO issues.
- SUI: Experienced a 236% fee surge and a 74.9% increase in addresses, suggesting a healthy network expansion.
- TRON: Dominating stablecoin transfers with a 30.4% fee increase to $6.39 million daily across 2.1 million active addresses, nearing all-time highs.
- NEAR: While growth slowed slightly, it remains second in active address count, hosting over 3 million participants.
These figures employ a 14-day rolling average to present a comprehensive overview of on-chain activities.
Advancements in Crypto Payments and Solana’s Role
Solana’s price at the time of writing stands at $145.33, marking over a 4% increase in the last 24 hours. Coutts also emphasizes the importance of Stripe’s announcement supporting USDC settlements on Ethereum, Polygon, and Solana blockchains. Such developments underline the growing potential of layer-1 blockchains, especially with payment integration.
“One of the largest payment companies in the world rejoins the fray after a six-year hiatus. Visa, Mastercard, PayPal, and Stripe are making their bets on crypto,” Coutts remarks, further illustrating the bullish landscape for crypto payment applications, particularly for layer-1 platforms like Solana.
In conclusion, the evolution of stablecoins and DeFi continues to affirm the underlying value of network advantages, especially for cryptocurrencies achieving significant network impacts.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram.
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Click Here For More Trading Tips and Strategies.
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
 could break out, with active addresses up 276%. Stripe supports USDC on ETH, Polygon, and Solana, boosting crypto payments.){kind=link}