Solana remains biggest rival of Ethereum, despite going through tough stage
Despite all the technical issues, a massive sell-off during the FTX implosion and the practical death of the NFT and DeFi industries, Solana remains the biggest and most relevant Ethereum rival, and certain data confirms this thesis.
According to market data provided by Delphi Digital, Solana is the second biggest network after Ethereum in terms of selling volume on NFT markets. Despite having a significant lead at this point in time, Ethereum is not taking a 100% stake in the market.
.@solana is the #2 NFT Ecosystem by sales volume. pic.twitter.com/GqXqEGwIwF
— Delphi Digital (@Delphi_Digital) December 22, 2022
Prior to this cycle, Solana had the biggest stake on the NFT market. The situation has changed after the most recent spike in NFT trading volume. According to various on-chain and market metrics, Ethereum took most of it, gaining a further lead compared to Solana.
Generally, the “Ethereum killer” is not struggling as badly in the industry as we would expect after the enormous 80 million SOL unlocking that should have brought Solana to the absolute bottom of the market and destroyed all existing momentum on the chain.
How is it doing now?
Considering the overall state of the market, Solana’s performance is not something that stands out, even compared to Ethereum. For more than a month, SOL has been moving in a stable rangebound, trading in approximately the 2% range.
If you decided to purchase Solana prior to the massive drop, you would have to wait for a fantastic 200% rally that would put SOL back at the $37 price level and make it profitable again. Unfortunately, such a massive reversal seems unrealistic, considering existing market conditions and almost nonexistent inflows into the industry.
At press time, Solana is trading at $11 with a modest 0.45% rise in the last 24 hours.