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Home»ALTCOIN NEWS»Top Ethereum rival Solana is poised for a breakthrough, according to Real Vision analyst Jamie Coutts. Here’s why:
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Top Ethereum rival Solana is poised for a breakthrough, according to Real Vision analyst Jamie Coutts. Here’s why:

By Crypto FlexsOctober 12, 20243 Mins Read
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Top Ethereum rival Solana is poised for a breakthrough, according to Real Vision analyst Jamie Coutts. Here’s why:
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Jamie Coutts, senior cryptocurrency analyst at Real Vision, said the top Ethereum (ETH) rival could be on the verge of a massive breakout.

Coutts says the number of active Solana (SOL) addresses has surged by triple digits on a percentage basis over the past three months, far more than any other smart contract platform.

He believes that SOL’s recent price correction, combined with the network’s indicators, could result in a big move in the upward direction.

“Solana: Active addresses exploded 276%, but fees fell 11.3%. “The price looks like a coiled spring ready for a breakout.”

He also shares metrics for other smart contract platforms (SCPs) from the same period.

“Update on on-chain activity for major SCP networks:

    • Ethereum: Fees surged 77%, likely reaching cycle low, price momentum still weak at 21.9%.
    • TON: Active addresses +208%, fees +103%, but price growth (+26.1%) feels slowed by Telegram’s CEO fallout. Perhaps too much.
    • SUI: Fees increased +236%, addresses increased +74.9%. An increase in monetary speed indicates healthy network growth. (Aptos is also showing a slight upward trend.)
    • TRON: Overwhelms stablecoin transfers with daily fees rising 30.4% to $6.39 million across 2.1 million active addresses. Strong momentum has brought it closer to its all-time high (ATH).
    • NEAR: Growth slowed with a slight decline, but maintains second place in active addresses (over 3 million).

On-chain indicators use a 14-day moving average.”

Solana is trading at $145.33 at the time of this writing, up more than 4% in the last 24 hours.

Coutts also highlights that payments giant Stripe has announced global support for USDC payments over the Ethereum (ETH), Polygon (POL), and Solana blockchains.

He believes the payment advancements in cryptocurrencies are bullish for layer 1s like Solana.

“One of the world’s largest payments companies is back in the fray after six years. Visa, Mastercard, PayPal, and Stripe are investing in cryptocurrencies. The only question for investors is to what extent blockchain rails will be used in the future. Except for Bitcoin as a store of value, most other use cases (Decentralized Physical Infrastructure Networks (DePin), Non-Fungible Tokens (NFTs), etc.) are still trying to find product-market fit (PMF).

However, there is no ambiguity about stablecoins and their utility for payments and decentralized finance (DeFi). If all else fails, this will be enough to take over the network value of Layer 1 (L1), which has achieved the initial network effect, and some layers in progress. The issue, as always, is appropriate position size.”

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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