TL;DR
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There havn’t been any huge shifts in Solana’s fundamentals, or any crazy announcements that would juice its narrative in the past few weeks, yet SOL is going up and up.
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Solana had a whooole lot more ground to recover than Ethereum. Even now, after SOL has exploded – it’s still down 68% from its previous highs, while ETH is only down 53%.
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If Ethereum were to go up 15%, it would add the equivalent of Solana’s entire market cap, to its own.
Full Story
What the heck is going on with Solana?
It just…it just keeps on climbing.
But there hasn’t been any huge shifts in its fundamentals, or any crazy announcements that would juice its narrative in the past few weeks…
So what gives?
(And why isn’t Ethereum moving alongside it?)
When we find ourselves asking these kinds of questions, we divert to podcasts and articles, where people much smarter than us give their two cents.
Here’re three reasons that made us go ‘oh, yep – that makes sense’:
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Solana has 10x’d from its bear market lows (going from ~$8 in Jan, to ~$80 today) while Ethereum has only 2x’d. How does that work?
Well, Solana absolutely TANKED (losing 96.8% of its value, going from $250, to $8) thanks to its association with FTX. While Ethereum only dropped 77.65% in the bear market, from ~$4.7k to ~$1.05k.
Point is: Solana had a whooole lot more ground to recover. Even now, after SOL has exploded – it’s still down 68% from its previous highs, while ETH is only down 53%.
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Ethereum’s total market value is WAY higher than Solana’s ($257B vs. $34B), which means it takes less investment to push SOL’s price up.
For context: if Ethereum were to go up 15%, it would add the equivalent of Solana’s entire market cap, to its own.
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To that point….there’s more money to be made in Solana right now.
If ETH gains $34B in total market value, you make 15% on your investment.
If SOL gains $34B in total market value, you literally double your money.
So while Solana is still seen as the riskier bet, the chance of a larger pay off is enticing a greater share of investor money at the moment.
Very cool!
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