News View Non-AMP

Solana Price Prediction: Will SOL Surge 900% SOL and Flip Ethereum in 2024?

Published by
Elena R

As September wraps up with a hopeful outlook, the crypto market is showing signs of recovery. Bitcoin has jumped back above $66,000, and top altcoins like Solana have broken key resistance levels. Many are now excited about the possibility of an “altcoin season.”

But the question is – Can Solana really compete with Ethereum?

Solana is gaining attention, and recent upgrades have led analysts at Altcoin Daily to suggest it could challenge Ethereum. But does this prediction hold up under scrutiny? Let’s dive in deep.

Solana’s Impressive Growth: A Threat to Ethereum?

In 2023, Solana’s price and market cap have grown significantly, making some wonder if it could eventually rival Ethereum. According to Altcoin Daily, Solana is already outperforming Ethereum in areas like decentralized exchange (DEX) trading volumes and validator rewards.

However, Ethereum remains dominant in key sectors like DeFi and NFTs, with a larger ecosystem and more developers supporting its network.

Solana’s Strength in On-Chain Metrics

Kyle Sani of Multicoin Capital notes that Solana’s on-chain metrics, especially validator rewards, are catching up to Ethereum. In some cases, Solana has even surpassed Ethereum in terms of economic value generated. Despite these gains, Ethereum’s Layer 2 solutions give it a broader market advantage.

Solana is also gaining ground in stablecoin transactions, processing about half of Ethereum’s volume. Its innovations, such as token extensions and confidential transfers, are attracting institutional investors. The upcoming Fire Dancer update from Jump Trading, expected to increase network speed and scalability, could further boost Solana’s growth.

How Solana and Ethereum Compare: Users, Transactions, and TVL

VanEck’s Market Vector reports show that Solana has 1,300% more active users and handles 3,000% more transactions than Ethereum, demonstrating its growing acceptance. However, Ethereum still holds 56% of the total value locked (TVL) in the market, while Solana only commands 6%.

Ethereum’s dominance is also supported by the increasing interest in its ETFs, although they have yet to fully realize their potential. Solana’s ETFs, meanwhile, remain largely theoretical for now.

Will Solana Overtake Ethereum? Not Just Yet

While Solana is making strides, overtaking Ethereum seems unlikely in the short term. Ethereum’s large ecosystem and network effects still give it a considerable lead. However, on-chain analyst Ali Martinez predicts that Solana could experience a 900% surge in the coming months, while Ethereum may also rally, potentially exceeding $3,500.

Currently, Solana is set to test important resistance levels. If bullish momentum continues, it could rise to $181, and possibly challenge its yearly high of $209. On the downside, if market sentiment turns bearish, Solana may drop back to $155 or even fall to $127.

Where do you think Solana is headed next?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitcoin ETFs Face $100M Outflows as Markets Plunge Following Trump’s Tariff Shock

On Thursday, U.S. spot Bitcoin ETFs faced $99.86 million in net outflows as the stock…

April 4, 2025

Ethereum (ETH) Price Prediction for April 2025

Ethereum (ETH/USD) price held a crucial support range between $1,755 and $1,800 as the United…

April 4, 2025

Why Crypto Is Down Today: Traders React to Tariffs, Eye Fed’s Next Move

The crypto market has hit a rough patch, slipping to $2.65 trillion after a 1.02%…

April 4, 2025

Fed Rate Cut Decision in Focus Amid Crypto Volatility and Recession Fears

Crypto markets experienced sharp ups and downs on Wednesday and Thursday ahead of President Trump’s…

April 4, 2025

Zoomex Review: The New Crypto Exchange with Many User-Focused Features

Since launching in 2021, Zoomex has quickly made a name for itself as a crypto…

April 4, 2025

Bitcoin Price Prediction 2025- BTC Price May Revamp Bull Run Only After Reaching These Levels

The crypto markets were heavily consolidating ahead of Trump’s Liberation Day, where new tariffs were…

April 4, 2025