“Ethereum Competitor Solana Continues to Shine“
Despite some volatility in the altcoin space, Ethereum competitor Solana remains one of the top-performing assets in the top ten crypto list. The SOL price has surged to $44 as Solana eyes its next move to $50 as big players like VanEck see massive opportunity.
“Solana Price Actions Amid FTX Transfers“
Amid FTX transfers, on-chain data shows that the crypto exchange FTX has been moving massive sums of its Solana holdings to exchanges. Despite this, the SOL bulls continue to absorb the selling pressure on the altcoin. As per data by Spot on Chain, FTX and Alameda transferred nearly $40 million to exchanges in the last 24 hours.
After experiencing a market surge, SOL’s price has embarked on an upward trajectory, shaping a rising channel pattern. Notably, Solana achieved a remarkable breakthrough of a pivotal resistance at $28.16, marking the first time since July.
“Performing Like an Ethereum Killer“
Solana has been performing like a true Ethereum killer while gaining an edge over the largest altcoin. According to a recent report by Kaiko Research, the Solana (SOL) to Ethereum (ETH) ratio has exhibited a consistent rally since September.
In this context, a rising SOL/ETH ratio signifies that SOL is outperforming ETH, whereas a declining SOL/ETH ratio indicates that SOL is underperforming in comparison to ETH.
“Hot Take: Solana’s Continued Rise“
Solana’s continued rise and strong performance against Ethereum show its potential as a major player in the crypto space. With big players like VanEck recognizing its massive opportunity and its ability to absorb selling pressure despite FTX transfers, it’s clear that Solana is making significant moves. As always, it’s essential to do your market research before investing in cryptocurrencies, but Solana’s recent performance is certainly something worth keeping an eye on.
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