As a seasoned crypto investor with a knack for spotting undervalued assets and a keen eye for development activity, I find myself drawn to Solana. Despite its struggles to break above $150, the network’s unyielding developer engagement is a testament to its resilience and potential.
Despite Solana’s challenges in surpassing $150, this hurdle hasn’t stopped a steady stream of developers from joining its ecosystem.
In fact, the network has seen strong development activity so far this month.
Solana Developers Press Forward
Based on recent data from Santiment, it appears that Solana’s significant GitHub activities increased by approximately 10.7% during the initial week of October, suggesting robust involvement from developers.
Examining the entire cryptocurrency landscape’s development activity gives us a clear, long-term outlook about who is leading and progressing in the highly competitive market that this field offers.
As of the first week of October, Solana’s has continued to emerge with a +10.7% rise…
— Santiment (@santimentfeed) October 7, 2024
This upward trajectory indicates that it’s actively improving and expanding its system, focusing on upgrading both its structure and attributes. Following close behind in development progress are Arbitrum and Avalanche, both experiencing growth, as evidenced by a 5.2% surge in GitHub activity.
The relationship between Solana and the collapsed crypto exchange FTX resulted in various issues like operational problems, financial losses, and tarnished reputation, causing a major drop in the value of the SOL token. This decline, coupled with ongoing concerns about the network’s past issues with outages and bugs, led several investors to doubt the project’s reliability.
Nonetheless, based on a recent report from digital asset bank Sygnum, the ongoing commitment of Solana’s development team played a crucial role in the token’s resurgence.
Indeed, it’s worth noting that Solana seems to have significantly surpassed its competitor, Ethereum, in terms of performance since the start of 2023.
As an analyst, I observed that traditional financial institutions appear to value Solana’s impressive scalability more than Ethereum’s robust security. In their recent report, the bank suggested that if a pattern emerges where these major institutions opt for Solana over Ethereum in tokenization and stablecoin issuance, it could substantially boost Solana, dramatically increasing its potential to challenge Ethereum.
Solana May Be Undervalued Compared to Ethereum
Through a different study, it was noted by VanEck’s research division, MarketVector, that Solana significantly exceeds Ethereum across key metrics such as transaction volume, daily user activity, and transaction costs.
Based on MarketVector’s assessment, the current value of Solana (SOL) might be underestimated relative to Ethereum (ETH). In his report, Martin Leinweber proposed that if Solana persists in exceeding Ethereum in transaction volume and user interaction, its market capitalization could theoretically amount to half of Ethereum’s. Under this hypothetical circumstance, SOL might surge up to approximately $330, given Ethereum’s current price of around $2,620 and a market cap of about $315 billion.
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2024-10-08 19:34