Real Vision’s chief crypto analyst Jamie Coutts is bullish on Solana (SOL) as he believes the Ethereum competitor is on the verge of a massive breakout. According to Coutts, the number of active addresses on the Solana network has surged by triple digits in percentage terms over the last three months, outpacing other smart contract platforms.
Coutts points out that SOL’s recent price correction, combined with the network’s strong metrics, indicates that the cryptocurrency is primed for a significant move to the upside. He highlights the explosive growth in active addresses on Solana, which increased by 276%, while fees dropped by 11.3%. This, coupled with the current price momentum, suggests that Solana could be ready for a breakout.
In comparison to other smart contract platforms, Coutts provides insights on the on-chain activity of Ethereum, TON, SUI, TRON, and NEAR during the same period. Ethereum has seen a surge in fees by 77%, while TON experienced a substantial increase in active addresses and fees. TRON is excelling in stablecoin transfers, and NEAR holds the second spot in active addresses.
At the time of writing, Solana is trading at $145.33, up more than 4% in the last 24 hours. Coutts also mentions that payments giant Stripe has announced global support for USDC settlements over Ethereum, Polygon, and Solana blockchains. This move by Stripe is viewed as bullish for layer-1 protocols like Solana, as it signals increasing adoption of blockchain technology in the payments sector.
Coutts emphasizes the importance of stablecoins in facilitating payments and decentralized finance (DeFi) and suggests that this will underwrite the network value of layer-1 protocols that have achieved initial network effects. He believes that advancements in payment technologies in the crypto space are positive for layer-1 protocols like Solana.
In conclusion, Coutts sees a bright future for Solana and other smart contract platforms, especially with the increasing adoption of blockchain technology in the payments sector. With strong on-chain metrics and potential for further growth, Solana could be on the cusp of a significant breakthrough in the crypto market. Subscribe to get email alerts for the latest updates and follow The Daily Hodl on social media platforms for more insights into the world of cryptocurrencies.