The world of cryptocurrencies has been met with another setback, as the planet approaches the weekend. So the market capitalization of the business has bid farewell to gains of 2.8%. During the previous day, with current numbers hovering around $1.90 trillion. Digital assets have caught wind of the turbulence in the business, leading to BTC losing its $40k price.
Successively, the star altcoin Ethereum is currently trading at $2,729 with negative gains of 5.9%. With the increasing accumulations of Ethereum in ETH 2.0 deposit contracts. And the transition to PoS is far from the neighborhood, people now remember the words of Morgan Stanley around Solana. People are now interested in Solana’s on-chain metrics. Instead, Solana’s journey to the hackers’ home finds new stops amid growing interest.
Will Solana emerge as an alternative to Ethereum despite its limitations?
As mentioned above, sections of people in the middle of the lows are now considering Solana on Ethereum. As the timeline for the transition to PoS remains far from sight. Furthermore, the growing count of shares in ETH 2.0 deposit contracts has been persuading investors to consider viable options.
Next, Morgan Stanley’s report on Ethereum, which sheds light on Solana’s strengths. Such as faster and cheaper smart contract transactions, among others, have sparked the interest of not one, but many. While the network is prone to congestion and limitations throughout the market. It tends to outperform Ethereum’s setbacks.
On the other hand, Solana continues to climb on numerous fronts as maker initiatives and on utility grounds. the House Solana Hacker, which is on a trip around the world, will now make a stopover in Florianópolis (from March 14 to 18). New York City (March 14-18), Bahamas (April 23-29), while the Hong Kong event is still postponed to a later date. Moscow (February 22-27) and Prague (March 1-5)
In contrast, Wise Barbecue Truck, a food truck in Los Angeles, accepts payment from Solana. Which has come as a surprise to the Solana community. On the other hand, Solana has been welcoming new projects to the ecosystem that cater to living sectors. The latest entrants are CyberConnect serving Web 3.0, Glow wallet Wallet, Samurai Army NFT and Mecha fight club from Metaverse.
Where is Solana’s chain analysis headed?
SOL price at press time is changing hands at $90.71 with losses of 4.15%. While the all-day trading volume is $1,266,620,138, the market cap is currently hovering around $29.02B. The dominance of the market cap has been facing the heat late, which has seen a noticeable drop since the start of the month.
According to sources, the transaction count of the digital asset at the time of writing is 58,578,743,948. The TPS per hour and the success rate have increased since the lows of January 22. Where the TPS was around 679.05 with a hit rate of 72.40%. Currently the TPS is at 2612.48 with a success rate of 85.0%.
On the contrary, transfers and daily volumes have been falling. As of Feb 18, transfers are scheduled at 9.44M, while volumes are at 171.18k. The dip has come after a peak on February 16. Where daily transfers skyrocketed to 21.76M and volumes to 363.64k.
As for the strengths of the network that NFT has been late, the protocol hosts numerous projects. Like Metaplex, Solanart, Sol Sea, Magic Eden, among others. They are giving rivals a run for the money. Magic Eden dominates the market, accounting for ~85-92% of transactions in the last 2 months. Magic Eden’s transaction count for the last 7 days is over 1.2 million.
In short, Solana could possibly emerge as a viable investment option looking for investments that would have otherwise moved to Ethereum. The strong fundamentals of the network have been driving its performance, which will only improve in the near future.
How to resolve network congestion. That said, on-chain metrics have been catching the wind of late market trends. Which would need optimistic updates for an advantage.
This post Is Solana (SOL) price about to miss the $90 threshold this weekend? – Coinpedia – Financial Technology and Cryptocurrency News Media
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