Solana VS Ethereum: Could Solana overtake Ethereum in 2024?
Everyone is talking about Solana now a days. In the bearish cycle Solana is performing well than Ethereum which is most popular cryptocurrency and currently ranking at 2 by its market cap.
Many Market experts are believing if Solana coin price jumps above $200 then Solana price will become unstoppable. On the other hand volume is also increasing in both crypto assets Ethereum and Solana which shows institutional investors are having interest in both of them. Well who will wins this race in 2024? Let's see the technical aspects of both cryptocurrencies.
Solana VS Ethereum
Solana was launched in 2020 while Ethereum was born in 2015. Both platform support smart contracts but both have different strengths and weakness. Let's dive Into it
Transaction Speed ( sol VS Eth)
Ethereum handles 45 transactions per second while Solana can handle up to 29,000 TPS. Here Solana wins
Transaction Fees
Transaction fees for Ethereum can be several dollars while Solana transaction fees is few cents. Solana again stand up here.
Consensus Mechanism
Ethereum uses PROOF OF stake and Solana uses the POH ( proof of history) + POS mechanism. Solana has a upper hand here too
Ecosystem
Here Ethereum wins, Ethereum has a large, well established ecosystem and Solana is a growing blockchain and usually focus on speed and low cost
Stability
Ethereum blockchain is generally stable, but Solana has to experienced downtime sometime.
As we can see both have their own strength and weakness. Let's see their price actions
Solana and Ethereum Price Action.
Solana's Current price is $154 and Ethereum is currently trading at $2650. In this long bearish cycle, Solana is recovering rapidly in term of price than Ethereum. Market Analyst believe, if Solana price break above $200 then next Target can be above 350 dollars in 2024 while Ethereum is having stiff resistance at $2950. Solana can outperform in 2024.
Both Crypto Assets are available for trading on Binance Exchange.
