Solana (SOL) Finally Back Where It Was A Year Ago: Analyst

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Solana (SOL) Finally Back Where It Was A Year Ago: Analyst
  • An analyst shared on X yesterday that SOL is finally back where it was last year after being out-performed by ETH.
  • The analyst also stated that it could be more profitable to hold both SOL and ETH, and not just one of the two tokens.
  • In the past 24 hours, ETH’s price rose by more than 2% while SOL’s declined by 0.36%.

The cryptocurrency analyst and trader, Pentoshi, shared in an X post yesterday that Solana (SOL) is finally back to where it was a year ago after being greatly out-performed by Ethereum (ETH) during the bear market. In his post, the analyst also shared that it would be illogical for traders to pick either SOL or ETH over the other.

In fact, Pentoshi highlighted the fact that the feud between SOL and ETH traders is unnecessary as, in a bull market, both token’s tend to see their prices rise, while they still have periods where the one outperforms the other. In fact, the analyst believes it could be more profitable for traders to own both altcoins.

Holding one or the other will lead to the same outcome, according to the analyst. He also stated that “the argument of only having one over the other is for people who don’t want to make money and just want to be right about something”.

ETH / Tether US 1D (Source: TradingView)

With regards to how the two tokens performed in the past 24 hours of trading, ETH still had the upper hand. At press time, CoinMarketCap data indicated that the altcoin leader saw its price rise by 2.82% since yesterday, which caused its trading value to rise to $1,888.14. This meant that ETH was trading just below its 24 hour high price of $1,895.03.

ETH’s 24 hour trading volume did, however, drop by over 19% throughout the past day, which left it standing at $5,769,223,226. The rise in ETH’s price allowed its market cap to jump to $226,960,966,505.

SOL / Tether US 1D (Source: TradingView)

SOL, on the other hand, experienced a slight 0.36% decline in its price in the past day. This meant that the Ethereum-killer was trading hands at $41.65 at press time. It is worth taking note that SOL’s price was able to climb by about 29% in the past week alone.

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