The cryptocurrency market continues to rally, propelled by Bitcoin's persistent rise, which briefly surpassed $64,000. This momentum has led to a significant uptick in many altcoins. Notably, Solana (SOL) experienced a remarkable surge, reaching $152.46 around 2 PM, marking an increase of over 8% in the last 24 hours.
Analyst Egene Ng Ah Sio Predicts Solana's Strong Support at $120 as Signs of a Bull Market Emerge
Egene Ng Ah Sio, a prominent analyst with over 70,000 followers on X, commented on Solana's performance, stating:
“If this is indeed the beginning of a sustained rebound, I doubt I will ever see SOL trading below $150 again.”
He noted that SOL has found strong support at around $120, a level that has been tested multiple times and remained stable. In contrast, competing Layer 1 (L1) blockchains have seen their prices more than double, while Solana has lingered near these lower levels. Ng sees this as the last confirmation signal for an impending bull market.
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Visa's Cuy Sheffield Highlights Solana's Cost Advantage as Stablecoin Transactions Surge
During the ongoing Solana BreakPoint event, Cuy Sheffield, head of Visa's crypto division, highlighted that 65% of stablecoin transactions on Solana occur below $100. He pointed out that Ethereum's high transaction fees make frequent low-value trades less viable, suggesting that Solana’s cost-effectiveness could attract more users.
Kyle Samani, co-founder of Multicoin Capital, also expressed confidence in Solana's potential to surpass Ethereum's market capitalization. Speaking at the Token2049 conference, he noted:
“Ethereum's roadmap focuses on moving transactions from Layer 1 to Layer 2, which is already in progress. Currently, over 90% of Ethereum's transactions are executed on Layer 2, but this limits Ethereum's ability to capture transaction value effectively.”
Samani pointed out that while Solana's on-chain transaction volume has sometimes exceeded that of Ethereum over the past year, both chains are now roughly even in this regard.
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Solana's Token Infrastructure Targets Institutional Adoption, Outpacing Ethereum's Capabilities
The functionality offered by Solana’s token infrastructure caters to the needs of Wall Street institutions, payment companies, and major asset issuers. Samani asserted that large-scale on-chain activity in regulated finance will only become feasible when these functionalities and related infrastructures are ready, a scenario that he believes is less likely to occur on Ethereum.
As Solana continues to gain traction, the cryptocurrency community remains optimistic about its potential to establish itself as a leading player in the blockchain ecosystem, especially amid the evolving landscape of decentralized finance (DeFi) and institutional adoption.
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