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Did Solana [SOL] outpace Ethereum [ETH] in this metric?

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Solana is still showing promising signs of growth. It looks like outpacing Ethereum in some metrics and continuing to grow faster. One of the most important things in this blockchain is that the developer activity is rising on it.

More teams and companies are considering the Solana blockchain for building their applications but still are behind Ethereum. The food news for Solana is that the pace is slowing in the Ethereum blockchain.

According to a threaded tweet by Jeffrey Zheng, Ethereum is still the leader in terms of developer activity. But it looks like the pace is slowing down in the leader of the smart contract sector. Solana has been very attractive for developers in the past months, and it seems the community is growing very well.

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The interesting fact is that comparing two blockchains like Ethereum and Solana may be like comparing nations. Jeffrey says:

“ETH vs. SOL. It probably won’t be a winner-take-all scenario. Each blockchain will likely evolve like nations — finding particular use-cases best suited to their comparative advantages.”

There are many reasons why Solana is seeing growth in developer activity while we see a downtrend in the Ethereum chart for this metric. Solana is a younger blockchain, and many new developers prefer to be part of its community. On the other hand, Ethereum is somehow matured, and some developers may not be interested in being in this kind of project. They like to test and grow the community they work in.

High gas fees in Ethereum are always a challenge for developers building dApps on this blockchain. It’s the reason we see many developers launch their dApps on alternatives like Solana. Besides, the team behind Solana is more active than the Ethereum teams in supporting new developers. All of these may have resulted in faster growth for developer activity on Solana compared to Ethereum.

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Another important metric for comparing SOL and ETH lies in the price chart. In the past months, the price of these two cryptocurrencies was correlated. Somehow SOL followed ETH in the price chart. But lately, SOL has shown sharp jumps and somehow outpaced ETH in terms of price gains.

There is a metric in favor of Ethereum when compared with Solana. The revenue in the former is a lot more than it in the latter blockchain. The cumulative revenue for Ethereum is $8.8bn while it sits at the $16.4m lines for Solana. But we know everything can change in the future if Solana continues to grow even with the current pace.

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Solana

Grayscale Launches Solana Trust for Accredited Investors

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The leading cryptocurrency asset manager, Grayscale, has launched its next investment product tracking the performance of Solana.

Grayscale Investments, the digital asset manager with over $50B in AUM, announced the launch of its 16th investment vehicle – the Grayscale Solana Trust.

  • The company’s press release, dated November 30th, explained that the new Trust will “solely and passively” invest in SOL – the native cryptocurrency of the popular blockchain project, Solana.
  • The product is already available for daily subscriptions by eligible individual and institutional accredited investors.
  • The Grayscale Solana Trust has become the 16th investment product launched by the company, following such for Bitcoin, Ethereum, Chainlink, Stellar, Litecoin, Ethereum Classic, Decentraland, and more.
  • “For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem. We have had a front-row seat to the mainstream acceptance and adoption of crypto and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.” – commented company CEO Michael Sonnenshein.
  • Launched in 2013, Grayscale is now the largest cryptocurrency asset manager. Its AUM has skyrocketed in the past two years and currently exceeds $50 billion, according to the latest update from the firm.
  • Grayscale is also actively trying to convert its largest Trust – GBTC – into a Bitcoin Spot ETF in the United States.

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Grayscale Debuts New Trust for Solana

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Grayscale Solana Trust has become the asset manager’s 16th investment product

Leading cryptocurrency money manager Grayscale Investments announced Tuesday that it had introduced a cryptocurrency trust for Solana, the fifth-largest cryptocurrency by market capitalization.

The newly launched investment vehicle makes it possible for accredited investors to gain exposure to the top “Ethereum killer” without actually holding the underlying asset, thus mitigating risks linked to custody.

CEO Michael Sonnenshein said that the company’s suite of offerings continues to expand together with the broader crypt ecosystem:
 

We have had a front-row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.
 

With the most recent addition, the Grayscale family is now comprised of 16 trusts. With $35.7 billion under management, the Bitcoin trust remains the company’s crown jewel.

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Solana, a high-throughput blockchain, has managed to chip away at Ethereum’s share of the crypto market, taking advantage of the competitor’s exorbitant gas fees that make the second-largest blockchain too expensive for the average Joe. Its native SOL token is up over 1,000% since the start of April, becoming one of the top-performing cryptocurrencies of the year.

As reported by U.Today, FTX cofounder Sam Bankman-Fried recently said that Solana could possibly overtake Ethereum.

For now, such a scenario appears to be far-fetched since the former accounts only for 11% of the latter’s massive $553 billion market cap.

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Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?

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  • Solana price analysis is bearish today.
  • SOL/USD saw rejection for upside around $210 yesterday.
  • Bearish momentum returned overnight.

Solana price analysis is bearish today as we saw upside rejected at $210 yesterday, meaning another lower high has been set. Therefore, we expect SOL/USD to drop further later today and look to test previous lows again.

Solana Price Analysis: SOL finds resistance at $210, moves for another push lower? 1
Cryptocurrency heat map. Source: Coin360

The market overall has traded mostly in the green over the last 24 hours despite Bitcoin being down by 0.49 percent. Meanwhile, Ethereum increased by 3.32 percent, while Solana (SOL) gained lost 0.18 percent.

Solana price movement in the last 24 hours: Solana sets another lower high, starts to move lower

SOL/USD traded in a range of $200.45 – $212.45, indicating mild volatility over the last 24 hours. Trading volume has declined by just 0.22 percent, totaling $2 billion. Meanwhile, the total market cap trades around $61.18 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL looks to decline again

On the 4-hour chart, we can see bearish momentum returning for the Solana price action overnight, likely resulting in further downside tested later today.

Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?
SOL/USD 4-hour chart. Source: TradingView

Solana continued to decline over the past week with a new low found around $185 on the 26th of November. Therefore the overall, several-week trend continues to be clearly bearish, indicating we should see further downside until a strong higher high is set.

Over the weekend, SOL/USD went for another test of the $185 support, quickly spiking below it before rapidly pushing higher. The $210 minor support/resistance was reached yesterday, with rejection for further upside seen in the afternoon.

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From there, the Solana price started to slowly move lower, indicating a new lower high had been set clearly. Overnight, bearish momentum continued, moving SOL/USD to the $200 mark. We expect the current bearish momentum to continue later today, leading to further downside tested.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we saw upside rejected at the $210 mark, leading to a slow decline overnight. Likely we will see SOL/USD continue even lower, potentially reaching back to the $185 previous major support.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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