Solana The Binance Killer

Gooood day Lions! I trust you have been safe and well roaring through this Bull Market with some pretty impressive price rises across the sector. I was really hoping to see Hive break the USD 1 Dollar point but we might need to wait until Altcoin season hits in which shouldn’t be too far away.

But one of the assets really performing well this run is Solana with an all time high for this run sitting at USD 135 which is a really good sign of support for the token.

Solana (SOL) has is emerging as a leading Crypto currency grabbing everyones attention and driving more investors with its recent surge. Over the past 24 hours Solana has witnessed a massive rally with many believing this to be the beginning of a promising trajectory throughout 2024. There is some talk of the token being an "Ethereum Killer" but that is shooting way ahead, the first hurdle is Binance.

Solana Price Predictions Hitting High Digits and we can see why

Crypto market speculators are widely reporting SOL potentially reaching the USD 600 mark this year while innovative developments such as cloned assets add new dimensions to Solana's ecosystem and will hopefully see more value added to the chain.

One notable figure in the crypto sphere Hansolar has boldly predicting SOL's ascent to USD 600. Comparing Solana with Ethereum's past historical growth. Hansolar see’s SOL mirroring ETH's performance in the previous bull cycle.

Their view hinges on the premise that SOL could emerge as the "new ETH," catalysing widespread retail investment as a high beta catch up play. But he isn’t the only one with this forecast as the Crypto YouTuber Jake Gagain's previous opinion is SOL surging to USD 750 by next year.

There is further hype from crypto analyst Santiago Santos who draws a compelling comparison between Solana and Ethereum who thinks Solana will be the chain of the future surpassing Ethereum.

Solana Use Cases Continue to Grow

Solana has seen meaningful usage and is experiencing growth and adding to Solana's trajectory so it does seem likely to intersect with Ethereum sooner than later. This is what is causing people to say Solana is the new "Ethereum Killer" a term that has been thrown around loosely multiple times for Polkadot, Luna, Cosmos but in this incident it seems to gain further credence as it outpaces Ethereum in decentralized exchange volume and some larger trades.

It is important to remember that Solana’s growth became more apparent when it was constantly mentioned in the news due to the FTX debacle with their largest holding being Solana tokens. As the old saying goes, even bad publicity is good publicity. This parachuted Solana into a household name and saw significant investment. FTX still does hold the majority of tokens and will be selling to pay back investors so there might be some disruptions to price points.

Solana’s previous all time high in Nov 2021 is USD 260 and we’re still a long way away from that price but we have seen weirder movements. BNB once sat at USD 50 per token and overnight boomed into hundreds of dollars in value netting big winfalls for early investors.

image source

Binance Has Wrapped Assets Solana Now Has Cloned Assets

Clone has just unveiled its public mainnet, and introducing the concept of cloned assets to Solana's ecosystem. By simplifying the trading of non-native tokens via "clAssets," Clone Markets empowers users to seamlessly navigate Solana's blockchain capitalising on its rapid transaction speeds and lower fees. This innovation not only enhances accessibility but also augments liquidity laying the groundwork for a vibrant ecosystem of decentralised finance (De-Fi) on Solana.

The launch of cloned assets is a huge step for Solana's evolution into a multifaceted blockchain ecosystem capable of accommodating diverse assets and trading instruments. With assets such as clARB, clOP and clSUI set to debut on Solana's network. Clone Markets paves the way for broader adoption and interoperability within the Solana ecosystem.

This in itself will see more funds and value headed into Solana’s ecosystem in a similar way Binance did with it’s Smart Chain and wrapped tokens. So while people are saying Solana is the “Ethereum Killer” It probably isn’t at that level just yet but with all the issues Binance is having and the fact the majority of Solana assets are owned within the United States, chances are Solana will be the Binance Killer.

Solana is continuing a meteoric rise currently fuelled by the current bull market and it’s own innovative developments which will no doubt cause a shift in the sector. With people eyeing a USD 600 price point and cloned assets set to alter trading on Solana.

The stage is set for Solana to replace Binance especially with the U.S putting pressure on Binance.

What are you’re thoughts? Will Solana be the Binance Killer?

Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

Posted Using InLeo Alpha