Solana remains biggest rival of Ethereum, despite going through tough stage
Despite all the technical issues, the massive selloff and practical death during the FTX explosion nft and DeFi industry, Solana remains the biggest and most relevant Ethereum rival, and some data seems to confirm this thesis.
Chain #2
According to market data provided by Delphi Digital, Solana is the second biggest network after Ethereum in terms of selling volume on NFT markets. Despite having a significant lead at this point in time, Ethereum is not taking a 100% stake in the market.
Prior to this cycle, Solana had the largest share of the NFT market. The situation has changed after the recent spike in NFT trading volumes. According to various on-chain and market metrics, Ethereum took a further lead over Solana, taking most of it.
Generally, the “Ethereum killer” is not struggling as badly in the industry as we would expect after the enormous 80 million SOL unlocking that should have brought Solana to the absolute bottom of the market and destroyed all existing momentum on the chain.
How is it going now?
Considering the overall state of the market, the performance of Solana is not too dissimilar to that of Ethereum. For more than a month, SOL has been moving in a stable range, trading in a range of around 2%.
If you decided to purchase Solana prior to the massive drop, you would have to wait for a fantastic 200% rally that would put SOL back at the $37 price level and make it profitable again. Unfortunately, such a massive reversal seems unrealistic, considering existing market conditions and almost nonexistent inflows into the industry.
As of press time, Solana is trading at $11, up a modest 0.45% over the past 24 hours.
