%20Surpasses%20Binance%20(BNB)%20Amid%20Memecoin%20Mania%20%E2%80%93%20Can%20It%20Overtake%20Ethereum-01.jpg?w=480&auto=format%2Ccompress&fit=max)
Key Insights:
Solana has corrected 11.7% in the last 4 days.
However, it could see a target of $1000 in the long term.
Solana has outperformed almost all cryptos in some respect, beating Bitcoin in price growth, Ethereum in on-chain activity, and others in market cap.
Solana reached an all-time high of $263.8 on 23 November 2024. However, along with Bitcoin's correction, the price of SOL has corrected 11%, larger than Bitcoin's 5.94%.
This has pushed users to worry about whether there will be a major upcoming correction in SOL. Altcoins are usually much more volatile than Bitcoin, and this causes them to grow more while Bitcoin grows and similarly correct more when Bitcoin corrects.
Solana has achieved very strong fundamentals in recent years, thanks to its dedicated response towards blockchain outages, fostering memecoin growth, and making a scalable blockchain for fast DeFi and Dapp growth.
In the recent few weeks, Solana has outperformed nearly all major crypto projects in one way or another. It beat Ethereum in terms of network activity, beat Bitcoin in terms of growth, and outperformed all others in market cap.
Solana recently witnessed more blockchain activity than any other blockchain. Last month, 120 million users interacted with its blockchain, which is about 60% of the total number of crypto users for that month, 200 million.
Solana DEXs have hit $109 billion in total transactional volume, which is very close to Ethereum. Further, the top DEX on Solana, Raydium, achieved $77.3 billion in November, while Ethereum's top DEX, Uniswap, was at $81.7 billion.
In the last 12 months, Solana has overtaken Bitcoin regarding net growth. Bitcoin's growth for the period was 152%, while Solana's growth was 323%, exactly double that of Bitcoin.
Solana 1 Year Growth
CoinMarketCap
Bitcoin 1 Year Growth
CoinMarketCap
This is despite Solana's growth without any ETF or institutional assistance. In the last 365 days, Bitcoin grew more because of ETF inflows and institutional purchases. Microstrategy and others bought more than $5.5 billion in the last month.
Compared to this, Solana's growth was basically due to retail participation and some whale activity.
Beyond this one-on-one comparison in terms of net gains, Solana grew its TVL, network activity, DEX volumes, and much more, shaping an ecosystem that might be less valued but far more complex than Bitcoin.
Recent estimates by experts highlight that it might soon be a reality that Solana hits a $1000 market price. This would help Solana rival Ethereum with a very close margin, possibly overtaking it in the next couple of years.
Crypto Beast expects Solana to reach a $1000 target soon, which, as it states, is a conservative target.
Solana could only perform this well because it had a successful memecoin ecosystem on its blockchain. The growth of DOGE and SHIB in the bull run of 2020-2021 showcased memecoins as a fast way to build wealth in the crypto markets.
When this perspective got combined with the bull run of 2024, it pushed memecoins towards a path of parabolic growth. In this race, Solana became a top gainer because Ethereum's fee at that point was very high. ETH charged over 150 Gwei per transaction on average, which meant around $40 per transaction on average.
At the same time, transacting on Solana was very cheap: each transaction cost less than $1, sometimes just a few cents.
This caused Solana memecoins to skyrocket before the Bitcoin halving of 2024.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.