Solana (SOL) is the solid pick for rest of this bull market - not ethereum (ETH)

Is Solana (SOL) the Superior Choice Among Layer 1 Blockchains Outside Bitcoin, or is it Ethereum (ETH)?

With $SOL currently boasting a 500% gain against $ETH since mid-2023, the upward trajectory for $SOL appears poised to persist.

$SOL vs. $ETH

The debate rages on social media. Ethereum remains the dominant force among cryptocurrencies, second only to Bitcoin in market capitalization with $356 billion. Solana ranks fifth with a market capitalization of $60 billion, approximately six times less than Ethereum.

While Ethereum has proven to be more secure than Solana over time, with Solana experiencing occasional outages, Ethereum's first-mover advantage suggests a potential victory in this race.

However, Solana excels in a crucial metric: transactions. Solana currently handles 28 million transactions compared to Ethereum's 1 million, a significant difference.

Moreover, the speed and cost of transactions on Solana are noticeably superior. Layer 2 solutions for Ethereum cannot fully bridge this gap, as Solana's layer 1 already addresses these issues. With the upcoming launch of its new validator client, Firedancer, this disparity is expected to widen further.

$SOL's 500% Surge Against $ETH

The chart below for the SOL/ETH pairing illustrates the significant decline in $SOL throughout 2022. However, a double bottom formed in the first half of 2023, initiating an upward trend that has continued since then. At one point in mid-March, $SOL had gained 730% against $ETH. After a brief retest of the uptrend, $SOL appears poised for further growth, potentially reaching a new high against $ETH in the coming months.

SOL/USDT Bullish Outlook

Examining the SOL/USD pairing on a weekly time frame reveals that $SOL has reclaimed support at $137 after briefly dipping to $118. The resulting long wick down indicates a bullish sentiment for $SOL, and the closing weekly candle on Sunday will provide further insight into a potential trend reversal.

SOL: The Potential Winner

Based on fundamental and technical analysis, Solana appears to hold an edge over Ethereum as the preferred choice for the remainder of this bull market. While Ethereum's potential approval of the Spot ETF by the SEC could lead to a price surge, Solana's strengths in transactions, speed, and cost suggest a more compelling long-term investment.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice.