Solana Is Faced With Massive Competition From Ethereum Competitor NEAR | CryptoGazette
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It’s been revealed that there is an important crypto analyst who said that another altcoin is emerging as a huge Solana competitor as ETH challenger is faced with technical difficulties. Check out the latest reports about this matter.
It’s been revealed that the analyst who goes under the name Guy has something important to say about Solana.
Investors are looking for a Solana alternative
Coin Bureau host Guy said recently that investors are looking for a Solana alternative after network outages and hacks that affected the blockchain’s perceived reliability.
The analyst says investors are now looking at the decentralized app (DApp) platform Near Protocol (NEAR).
“Near Protocol appears to have been the primary recipient of these users and investors, which makes sense given that it seems to be Solana’s primary competitor.”
He continued and said the following:
“Their blockchains have similar architectures, they use the same programming language, the software companies which built them are based in the same area and they’re backed by the same crypto VCs.”
The analyst points to other reasons why the price of SOL could be struggling despite updates, developments, announcements, and partnerships.
“SOL is an altcoin and that means its price action is highly correlated with BTC’s. As you’ve probably noticed by now, Bitcoin has been having a hard time since December 2.”
He continued and said:
“SOL’s circulating supply has increased by between 20 and 22 million, according to CoinGecko, and CoinMarketCap, respectively. Assuming an average price of around $100 per SOL, this works out to over $2 billion of potential sell pressure, assuming all that SOL was sold.”
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