Revealed! Solana's price plummeted, is it because of Ethereum's strong rise?
Recently, the price of SOL has dropped significantly, but the reason behind it is not that simple. Many people may think that it is because of the overall bad market, but the truth may not be so. In fact, the surge in ETH may be an important driving force for SOL's decline.
Looking at the comparison chart of SOL and ETH, it is obvious that SOL's performance is far behind. Ethereum's price has risen sharply due to various market benefits, upcoming updates, and everyone's growing interest. As a result, although the US dollar price of SOL does not seem to have fallen much, compared with Ethereum, the SOL/ETH ratio has dropped significantly, making people feel that SOL seems to have collapsed.
This situation is particularly obvious in the current market. Because Ethereum is becoming more and more popular in decentralized finance, everyone is investing money in ETH, and other blockchain platforms like Solana seem less important.
However, we have to say that SOL itself is still a very powerful project, with active development and a wide range of uses. It looks like a "collapse" now, but in fact it is just because it has temporarily lost some advantages in the competition with Ethereum.
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