Solana: The Great Return of the Ethereum Killer!

As Solana, the “Ethereum killer,” is reborn after a tumultuous period, its spectacular progress against its historic rival reignites the debate: are we witnessing the beginnings of a paradigm shift in the crypto universe?

Solana, the crypto tsunami sweeping towards Ethereum

Solana (SOL) has recorded gains surpassing other major cryptocurrencies with a price increase of 7% on Wednesday morning. At the time of writing, SOL is trading at $60.16 each, representing a 24-hour rise of more than 7% (CoinGecko). Over 7 days, SOL has gained 10%.

This trend shows a resurgence for the Solana outsider. After a challenging year in 2022, marked by repeated outages and the FTX affair, the decentralized network seems to be attracting investors once again.

SOL has had a phenomenal rally in November. The price of Ethereum’s competitor surpassed $50 for the first time since May 2022, outperforming most cryptos in terms of performance. According to experts, this surge is due to a squeeze caused by the exit of short sellers and renewed institutional interest.

However, a month later, Solana continues to rise. In the last 30 days, SOL has increased by more than 70%. Otherwise, the crypto market is relatively stagnant. Bitcoin and Ethereum have barely moved over 24 hours. The same goes for Dogecoin, Tron, and XRP. Only Avalanche (AVAX) is performing as well as SOL over 24 hours, at $20.87 (+80% in a month).

Raoul Pal compares Ethereum and Solana

The famous crypto trader and investor, Raoul Pal, has recently provided a unique perspective on the comparison between Ethereum and Solana. He notes that the use of Solana is distinguished by a smoother, faster, and more user-friendly experience.

Renowned for his sharp analyses based on the blockchain, his comments comparing the two networks on purely fundamental grounds are exceptional. In his detailed study, he likens Ethereum to Android, praising the vastness of its decentralized ecosystem, while Solana resembles Apple in its focus on user comfort.

His words summarize his opinion well: “Once in the Solana ecosystem, everything seems ultra-fast, smooth, engaging, and easy for the user. The best analogy is that SOL is Apple where ETH is Android. Both are winners. Huge.”

In this novel analysis, Raoul Pal highlights Solana’s ability to compete with Ethereum, and that’s on almost all fronts. He especially praises the excellence of its Phantom wallet, highly prized by SOL holders.

The skeptical view: Ethereum remains the undisputed leader

Although Solana wins on certain points, it is still far from rivalling Ethereum. Indeed, while it impresses with its technical performance, it cannot yet equal the richness of the Ethereum ecosystem nor its dominance in the dApp sector.

Furthermore, Ethereum also boasts a crucial advantage: its credibility and reputation solidly established over the years in the crypto industry. Therefore, despite high fees and scalability limitations, it remains the reference point for institutional players.

Will Solana ever manage to dethrone Ethereum? If it continues on its current trajectory, it’s not impossible. However, the path is still long for this contender to the throne, which must above all consolidate investors’ trust in the long term.