Real Vision’s chief crypto analyst Jamie Coutts has identified a potential breakout for a top Ethereum (ETH) competitor.
Coutts noted that the number of active Solana (SOL) addresses has significantly increased in the last three months, surpassing other smart contract platforms.
He suggests that SOL’s recent price correction, along with its network metrics, positions it for a significant upward movement.
“Solana: active addresses surged by 276%, with fees dropping 11.3%. Price appears ready for a breakout.”
Comparing SOL to other smart contract platforms during the same period, Coutts shared:
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- Ethereum: fees have likely bottomed out, rising 77%, while price momentum remains weak at -21.9%.
- TON: active addresses up 208%, fees up 103%, but price growth (+26.1%) seems restrained due to Telegram’s CEO fallout.
- SUI: fees increased by 236%, addresses by 74.9%. Growing monetary velocity indicates a healthy network expansion.
- TRON: excelling in stablecoin transfers, with fees up 30.4% to $6.39 million/day across 2.1 million active addresses. Approaching all-time highs.
- NEAR: Growth slowed with slight declines but maintains the second spot in active addresses (3 million+).
On-chain metrics are based on a 14-day rolling average.
Solana is currently trading at $145.33, up over 4% in the last 24 hours.
Coutts also highlighted that payments giant Stripe has announced global support for USDC settlements on Ethereum (ETH), Polygon (POL), and Solana blockchains.
He believes that advancements in crypto payments are positive for layer-1s like Solana.
“Major payment companies like Visa, Mastercard, PayPal, and Stripe are reentering the crypto space. The utility of stablecoins for payments and DeFi is clear. This could support the network value of established layer-1s and those on the rise.”
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