Solana
Solana up 7%, could hit 50% of Ethereum’s valuation as ‘most liquid election proxy in crypto,’ trader says
Solana SOL/USD could reach 50% EthereumETH/USD’s valuation in this cycle if the latest trader information price predictions are coming true.
What happened: Syncracy Capital Daniel Cheung said that with Solana closing the week on a bullish note, things are looking exciting again. The trader drew parallels between the current situation and the third quarter of 2021, where the most explosive returns were imminent.
Among the reasons for being bluish, it sharp Solana is the hotbed of on-chain activity for the remainder of this cycle with its retail accessibility. This makes it one of the best assets to own. It also highlighted the strong potential of a Solana Exchange Traded Fund (ETF)Trump’s growing chances of being elected adding fuel to the fire.
He concluded: “SOL can probably reach 50% of Ethereum ETH/USD market cap this cycle.
Cryptocurrency Trader Eugene Ng Ah Sio Express his belief that SOL will become a market favorite. He attributed this to the fate of the Solana ETF applications currently being launched and their likelihood of approval under a Republican administration.
The trader pointed out the limitations of the coins even as Maga TRUMP/USD and Jeo Boden BODEN/USD, stating that they have specific agendas and calls but lack liquidity for larger players to speculate. He identified SOL as the most liquid election proxy in crypto today.
Read also : Top Crypto Trader Considers Retirement, Seeks ‘One Last Bullish Trade’ on Bitcoin, Ethereum, and Solana
Why is this important: The block data Non-voting transactions on the Solana network have soared from 23.4 million on June 30 to an all-time high of 36 million. This figure is largely due to the rise of the “memecoin” economy within the Solana ecosystem.
For the uninitiated, non-voting transactions refer to all transactions on the network that are not related to validator voting processes, which can include various activities such as transfers, interactions with smart contracts, and the use of decentralized applications (dApps).
Compared to Ethereum’s only two transactions, Solana’s average active addresses are used to make over 30 transactions per day.
Coinglass data shows an 11% increase in open interest to $2.14 billion, the highest since early July. Short liquidations peaked at $6.8 million, the highest since July 8. DeFiLlama data shows total value locked at $4.7 billion, the highest since June 6.
Price action: Over the past 24 hours, SOL is trading 7.5% higher, extending its seven-day gains to 13.3%.
And after: The influence of Bitcoin as an Institutional Asset Class should be explored in depth in Benzinga’s next project The Future of Digital Assets event on November 19.
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This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
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