After the recent turbulent period in cryptocurrency markets, smart contract platforms have gained investors‘ attention with their rising momentum. In the past month, the leading smart contract platforms Ethereum (ETH) and Solana (SOL) have seen the highest price increases.
Why Did Ethereum Rise?
According to experts, although there are many reasons for Ethereum’s rise, the main factor was the spot ETF process. In the past month, Ethereum saw a 24.68% increase, while SOL saw a 30.1% rise. As mentioned above, experts believe one of the primary reasons for Ethereum’s rise was the approval of the spot ETF. Approved ETFs are seen by investors as an additional source of liquidity in the cryptocurrency.
Although ETF transactions have not yet started, they are expected to be a significant catalyst for the cryptocurrency in the future. Following the ETF process in Ethereum, there are claims that its close competitor Solana will make a similar move to sustain the competition. The popular altcoin Solana caught investors’ attention with consecutive rises in May. Although it saw a slight decline towards the end of the month, it finished above its starting point.
May Data for Solana
According to the latest data, Solana’s price increased by over 6%, trading around $134.54 at the end of May 1. It closed May with an insignificant drop of approximately 0.8%. However, Solana is currently trading at $153, influenced by its recent upward momentum. This level is below the short moving average that served as support in past periods for the cryptocurrency.
The mentioned upward momentum in Solana was not quite similar to the previous month. On the other hand, the leading smart contract platform Ethereum started May with a 1% drop but managed to increase its price by 19.23% towards the end of the month, influenced by ETF approvals. With this percentage, Ethereum traded at $3,760 at the end of the month.
