It’s been a rough start to October for SOL, with the Solana price down roughly 8% already as Middle Eastern tensions ramp up.
The Solana price fell back to the mid-$140s on Monday after surpassing $160 last week and was last just above its 50DMA at $146.
Fears that a full-blown war between Iran and Israel might break out may keep crypto markets on the defensive in the near term.
But risks that the Solana price could experience a major bullish breakout in the coming are growing.
That’s because, despite SOL price turmoil, the Solana ecosystem performs exceedingly well.
Per DeFi Llama data, trading volumes on Solana’s DEXs continue to pick up following an August to mid-September lull.
For the last three days, volumes have been around $1.5 billion, surpassing those on Ethereum at one point.
In 2024, Solana established itself as one of the best and most user-friendly blockchains for DeFi users and DEX traders.
Its fees are substantially lower than on Ethereum, and its transactions are substantially faster.
Assuming risk appetite returns to crypto markets later this Q4 as global central banks continue to ease, Solana could perform very strongly.
Could it overtake Ethereum?
Solana Price Outlook – Can It Overtake Ethereum?
The Solana price remains wedged well within its multi-month $120-$200ish range.
However, a breakout toward its 2021 record high at $260 could quickly come later this year.
A breakout above record highs would kickstart a new price discovery process, and Solana’s potential would be unlimited.
Meanwhile, Ethereum (ETH), last at $2,446, remains substantially below its 2021 record highs.
Ethereum may have trouble keeping pace with Solana if the latter reaches all-time highs first.
That said, Ethereum has the benefit of US spot ETFs, meaning easier access for major institutions.
So, while Solana’s ecosystem growth may continue outperforming Ethereum, the latter may continue to see impressive growth.
Ethereum’s market cap was last around $300 billion versus Solana’s $69 billion.
Could Solana 5x become a $300 billion coin, too? Sure, but over the same time period, Ethereum could easily double to become a $600 billion coin or higher.
Catching Ethereum will be a tough ask.
Alternative to Consider
Given its strong growth prospects, Solana could be one of the best cryptos to buy right now.
However, some investors will look for cryptos with higher upside potential, up to 20x or more.
Major coins like Solana and Ethereum are unlikely to deliver such gains.
But newer, smaller cryptos, while riskier, are much more likely to deliver massive gains.
One new innovative meme coin casino, Meme Bets (MEMEBET), has generated particular excitement.
The exciting new crypto, which sits at the intersection of the fast-growing GambleFi and meme connectors, recently launched a presale that has already surpassed the $350,000 mark.
Meme Bets has been ranked as one of the best presales to buy now by Cryptonews.com.
In the video below, Cryptonews.com’s in-house analyst, Chester, explains why it is one of his top coins right now.
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