Why This 'Ethereum Killer' Rallied 80% In Just A Month
Portfolio Pulse from Mehab Qureshi
The value of Solana (CRYPTO: SOL) has increased by 80% in the past 30 days, largely due to the testnet launch of its scaling solution, Firedancer. Despite concerns over potential selling pressure following the transfer of large amounts of SOL to other wallets, the launch of Firedancer seems to have retained investor confidence. Solana has outperformed its competitor Ethereum (CRYPTO: ETH), which increased by less than 11% over the past month.
November 02, 2023 | 5:54 am
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POSITIVE IMPACT
Solana's value has increased by 80% in the past month, largely due to the testnet launch of its scaling solution, Firedancer. Despite concerns over potential selling pressure, investor confidence remains high.
The launch of Solana's scaling solution, Firedancer, has been a major factor in its recent price increase. Despite concerns over potential selling pressure following the transfer of large amounts of SOL to other wallets, investor confidence remains high, which is likely to continue supporting the price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Ethereum has underperformed compared to Solana, with its value increasing by less than 11% over the past month.
While Ethereum's value has increased over the past month, it has not seen the same level of growth as Solana. This underperformance may be due to a variety of factors, including competition from other cryptocurrencies like Solana.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50