Entering the market with the motto “Ethereum killer,” Solana seems to have caught the attention of big investors once again. Despite the FTX crisis in the past, Solana appears to have achieved significant growth since the beginning of 2023.
Solana Coin Reviews
2023 has been a fruitful year for Solana so far. The over 100% increase in the last 10 months can be considered as one of the greatest examples of the investors’ strong interest.
Solana has demonstrated incredible stability throughout 2023. While the exit transactions in the cryptocurrency lasted only 4 weeks, entries took place over a 27-week period. There was not much difference between last Monday and Sunday either. Major investors made $5 million worth of Solana purchases. According to Coinshares’ data, Solana became the most favored altcoin of the year.
The movements in Solana can be attributed to the agreements and developments made throughout the year. As an example, the partnership with Visa can be mentioned. In addition to this, Solana Labs took an important step in the stablecoin field and announced its collaboration with Circle and Shopify as providers of USDC for payment transactions. But Solana didn’t stop there. It also hosted one of the market’s most acceptable performances in terms of TVL.
Furthermore, Solana seems to have had its strongest week since July. According to 21milyon.com, SOL experienced a 26.5% price increase last week. Following this, Solana (SOL) continues to solidify its position within the top 10. It surpassed Dogecoin (DOGE) and Cardano (ADA). After this move, SOL regained its seventh place.
The Future of Ethereum
Last week, there were noticeable entries in Bitcoin as well. Bitcoin’s volume increased by $20.4 million in the past seven days. However, the impasse surrounding SEC and ETF funds still seems to hinder significant investments.
Despite the moves in its competitors and the approved Futures ETF fund, Ethereum, as a decentralized altcoin, may have been the least preferred in 2023. Although it ranks second after Bitcoin, it has not made much progress in terms of usability and lagged behind its competitors in terms of price growth. According to Coinshares’ data, there were $1.5 million worth of outflows from Ethereum. What makes this situation different is its failure to react to ETFs.
