Can Solana Beat Bitcoin: The cryptocurrency market is quite unpredictable so very hard to make a prediction. Overall cryptocurrency market sentiment was bullish but a sudden market fall was not expected but it. You can also visit www.crypticnation.in for complete analysis.
Amid this world’s biggest cryptocurrency, Bitcoin experienced a fall of over 11%, at the same time Solana the 4th largest cryptocurrency gained a price surge of over 20%. This impressive performance by Solana has captured everyone’s attention and made everyone think “Can Solana beat Bitcoin”?
In this article we’ll get to know more about Solana and Bitcoin, How Solana can outperform Bitcoin, Solana Vs Bitcoin, Technical analysis of Solana, and many more things. So, read till the end for better understanding.
Can Solana Beat Bitcoin?
Solana can outperform Bitcoin, only in a few cases such as the percentage of price surges, in terms of daily trading activity, in terms of retailers’ holdings, and even in terms of network activity.
We already experienced Solana’s massive price surge of over 770% in 2023, in during that time Solana outperformed Bitcoin as Bitcoin only experienced a price surge of over 165%. This time Solana outperformed Bitcoin.
Additionally, Solana can also Bitcoin in terms of retailer holding as Solana’s SOL is cheaper than Bitcoin, so retailers can easily invest and hold large amounts of SOL instead of Bitcoin. This is because of the price difference between these two SOL and BTC, as SOL is trading near $197 and BTC is trading near $68,200.
However, Solana can beat Bitcoin in terms of its scalability, instant and super-fast transaction speed, low transaction fees, and others. If we consider all these parameters, then for sure Solana is outperforming Bitcoin.
Solana Vs Bitcoin
Both Solana and Bitcoin are the top cryptocurrencies in the realm of Web3. However, both tokens have different purposes and both use different mechanisms. Bitcoin works on the proof-of-work (PoW) mechanism and Solana works on the Proof-of-History (PoH) mechanism.
Technical analysis of Solana
According to expert technical analysis, Solana’s SOL is looking bullish as of March 18, 2024, because of the following reasons.
If we look at Solana’s SOL on a weekly time frame, it gave a breakout of a strong resistance level above the $200 mark. However, this breakout happened, when overall cryptocurrencies were struggling to gain momentum.
Following this breakout, it is expected that Solana’s SOL in the coming days may hit the price of $250 level and there is a possibility that it may surge and create a new all-time high.
Another reason is Solana’s SOL is trading above its 200 EMA (Exponential Moving Average). Besides, everything Solana on weekly time also gave a strong bullish breakout of an inverted head and shoulder pattern, however, this breakout is not clear but it looks similar inverted head and shoulder pattern.
Technical analysis of Bitcoin
As of writing Bitcoin is currently bullish as Bitcoin’s BTC recently gave a breakout of its previous all-time high. But as of now, Bitcoin experiencing a price correction after its price surge of more than 60% following the breakout of a major resistance level near the $48,000 level.
However, if Bitcoin on a weekly time frame gives a closing below$63,000 level then for a short period there might be a price correction to the $53,000 level. Additionally, this price correction is needed for the upcoming price surge.
Another thing that makes Bitcoin bullish is the upcoming halving, as it is observed that after Bitcoin halving the overall cryptocurrency market experienced a massive price surge. And this time traders and analysts are expecting a similar price surge.
But, you might be wondering if Can Solan beat Bitcoin, the answer is yes here Solana can beat Bitcoin in terms of price surge as of now Solana is still trading below its all-time high. Whereas, Bitcoin has already broken its all-time high and is experiencing price correction.
Conclusion
The answer to Can Solana beat Bitcoin might be clear Solana can beat Bitcoin in terms of price surge, terms of transaction speed, and in terms of transaction fees, and many more things. Besides, all these things Solana’s SOL price is too low compared to Bitcoin and it has the potential to surge higher than Bitcoin.
Is Solana SOL a better investment than Bitcoin?
In the cryptocurrency industry, Solana and Bitcoin are two top crypto assets, as their use case to wide that crypto users as well as developers free use and create decentralized applications (dApps).
Both of these top cryptocurrencies have different use cases but if you talk about investment Solana’s SOL is a better investment than Bitcoin. Solana’s SOL price is much lower than Bitcoin’s BTC and there is a chance that SOL can soar massively and easily make 200% to 400% return on investment. At the same time to surge this much, Bitcoin may take much longer time than SOL.
Why is Solana Price increasing today?
The activity on the Solana network is continuously surging and developers mostly prefer the Solana network over others, as a result, Solana’s SOL price is continuously increasing.
Besides this, the Solana ecosystem has top cryptocurrencies in every sector such as crypto-AI sectors Render (RNDR) token, The Grapg (GRT), crypto-meme tokens like BONK, dogwifhat (WIF), stablecoin (USDT), and many more are built on Solana.
The performance of these tokens or any new development on these token directly or indirectly impact the price of SOL. With the help of these tokens, Solana can beat Bitcoin easily.
How much faster is Solana than Bitcoin?
Solana is much faster than the Bitcoin network. Solana has the ability to process 65,000 transactions per second while Bitcoin can only process 7 transactions per second.
How high can Solana go?
According to expert technical analysis, currently, Solana’s SOL is 30% lower than its all-time high. It is for sure that Solana in the coming days or when the overall market starts recovering will hit Its all-time high of $259 level.
