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The price of Solana surged 35% in the last two weeks, beating BNB for the first time in four years.
Solana's growth is mainly due to its high adoption rates, low fees, and being at the forefront of the memecoin revolution.
Solana recently beat Ethereum in terms of transaction fees, MEV tips, and 24-hour DEX volumes.
Investor confidence is rising in Solana due to its strong performance and Bitcoin's positive momentum.
Analysts believe Solana can challenge Ethereum; if not now, then soon.
Analysts have high hopes for Solana since its impressive recovery from the post-FTX dip.
At the time of writing, this cryptocurrency has hit a weekly high of $187.20, propelling it above one of the biggest contenders among the top 10 cryptocurrencies by market cap.
The cryptocurrency has also grown by as much as 35% over the last two weeks and is now sparking the question:
Will a day ever come when we see Solana challenge Ethereum?
The cryptocurrency's 35% price rally in the last two weeks allowed it to beat BNB for the first time in the previous four years, which is impressive enough on its own.
According to data from Santiment in a recent tweet, this Solana price surge compared to the rest of the market overshadowed BNB's mere 10% price increase during the same period, giving it the much-needed edge to beat the latter.
Solana beats BNB
It is also interesting that the momentum behind Solana started right around the time of the Bitcoin conference, when VanEck mentioned that it was very interested
Soon after this, Franklin Templeton also took to Twitter to express a similar sentiment, despite others like BlackRock, who have stifled investor hopes for a Solana ETF.
Overall, Solana's strong performance so far shows that it is likely to continue upwards from here.
Several factors have contributed to Solana's growth so far, including the massive adoption rates by developers and users.
Because of Solana’s high-speed transactions and low fees, the network has been at the forefront of the ongoing memecoin revolution.
According to DefiLlama, the memecoin revolution has been stronger on Solana than on Ethereum, considering how the blockchain's memecoin creation tool Pump.fun outpaced Ethereum in 24-hour revenue throughout most of June and July.
This is without mentioning how, according to Solana Floor, Solana beat the combined 24-hour DEX volumes of Ethereum and Arbitrum only last week.
This is without mentioning how Solana beat Ethereum in terms of total transaction fees and MEV tips on the weekly timeframe with a $25M versus $21M ratio, despite Ethereum being a relatively larger chain.
Furthermore, the robust performance of Bitcoin in the market after hitting a high of around $70,000 on Monday has given Solana a much-needed boost and shows that investor confidence is going up across the market.
So, can Solana challenge Ethereum one day?
As Solana continues upward, analysts are starting to speculate about its chances of challenging Ethereum.
While Ethereum remains the dominant chain in the blockchain space and currently holds around $60 billion in TVL, Solana's rapid growth rate does give it an edge.
Chris Burniske, the ex-crypto lead for Ark Invest, also participated in the conversation a while ago, hinting that a $1,000 Solana would be conservative.
This comes amid several other analysts saying the same thing: If Solana cannot beat Ethereum in price soon, it’ll come darn close.
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