Solana was expected to be the 'Ethereum Killer' but has not regained momentum.
Is the market undervaluing SOL's long-term position compared to ETH?
Solana [SOL] was once called the 'Ethereum [ETH] Killer', but the loss of market share is becoming increasingly evident. Not only has it not surpassed ETH, but SOL has also not regained a $100 billion market cap.
However, the whispers in the market are getting louder.
The fundamentals of Solana are tightening. Having a spot ETF for SOL could soon become a reality.
And when that happens, could it trigger a capital rotation, challenging Ethereum's dominance in altcoins?
Strong reasons for reevaluation
The impact of a listing on Wall Street is no joke. Both Bitcoin [BTC] and Ethereum have proven this. Solana is quickly catching up.
Defi Dev Corp., an investment company in diverse digital assets, recently added about 172,670 SOL worth $23.6 million to its portfolio.
This trade has helped the company’s total Solana holdings reach 595,988 SOL, surpassing $100 million in treasury value. It’s no surprise that this company is called the 'MicroStrategy' of Solana.
However, behind this accumulation is a broader strategy.
This move aligns with the growing view that SOL may be undervalued compared to ETH. PayPal also recognizes this, leading to a shift from Ethereum to Solana.
Don't forget about the official memecoin [TRUMP] launch on Solana, taking advantage of the network's low transaction costs and high throughput.
The Solana platform – Is Wall Street listening?
Weekly, Solana's DEX volume dominates, increasing by $22 billion. But it’s the long-term indicators where the real story begins.
Since Ethereum had an ETF last year, Solana has seen a 224.5% growth in daily active addresses, reaching 3.40 million.
Meanwhile, Ethereum saw an 8.5% decline to 355.1K, showing a clear difference in network activity. But this growth isn't just theoretical — the SOL/ETH chart is starting to reflect this difference.
Source: TradingView (SOL/ETH)
Specifically, during the period from July to October, the relative strength of SOL against Ethereum has increased significantly.
This momentum is further accelerated by the launch of the TRUMP memecoin, creating a 25.33% growth in Solana's relative value.
Overall, even with Ethereum having a spot ETF, Solana continues to attract attention. Major players are getting involved, SOL use cases are expanding, and SOL/ETH is holding strong at support levels.
Clearly — Solana's undervaluation is becoming increasingly noticeable. With all these signals aligning, perhaps it’s time for Wall Street to reconsider its stance on SOL.
Source: https://tintucbitcoin.com/solana-vuot-ethereum-wall-street-co-chu-y/
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