Solana’s Battle Against Bitcoin And Ethereum: Expert Analysis

After a strong rise last year, Solana’s latest price action has struggled to maintain its previous momentum, and according to market analyst Matthew Hyland, SOL may be underperforming compared to Bitcoin. [BTC] Ethereum [ETH]Based on indicators and market trends, Highland Predict It will be an uphill climb for SOL to reach new all-time highs against BTC, mirroring ETH’s performance in the last cycle.

In my opinion, SOL will underperform BTC and ETH going forward. I could be wrong, but the idea of ​​SOL hitting new all-time highs against BTC is similar to ETH’s last cycle, which didn’t happen. SOL has rallied significantly. I was a big advocate of buying between $16 and $25 last year, so I’m not in any way averse to it, and I think there’s room for it to rise in USD, but I don’t think it’s likely that SOL will spike and surpass BTC or ETH in the future.

Solana

Despite the challenges of outperforming the two biggest cryptocurrencies, Solana is known for its high speeds and low transaction costs, attracting developers and projects. It aims to solve the scalability issues that plague the ETH chain, positioning it as a potential “Ethereum killer.” That said, Ethereum’s transition to ETH 2.0, which promises scalability and energy efficiency, could erode SOL’s advantages.

Additionally, Bitcoin is gaining acceptance as a legitimate asset class in several countries and its potential to act as a hedge against inflation strengthens its long-term prospects.

Solana’s downward trend and future potential

While Solana definitely has the potential to emerge as a contender and rise in USD, its ability to surpass BTC and ETH remains unclear. Investors should closely monitor market trends and be cautious about betting on SOL to lead the altcoins in the cryptocurrency space.

Price-wise, SOL price has been on a downward trend over the past week. It was trading near $168 on June 15. At the time of writing, the price is around $127.50, indicating a drop of around 23.36%.

Nevertheless, Solana is a popular platform for decentralized applications. [dApps] Solana has fast transaction times and low fees, so as the dApp becomes more widely used, it is likely that demand for Solana will increase, driving up its price.

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