* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, October 19, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    CT Culture Corner: Robert Redford films to watch – CT Insider

    CT Culture Corner: Robert Redford films to watch – CT Insider

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

    Bella Thorne Shows Off Her Toned Abs in Crop Top – Yahoo

    Bella Thorne Shows Off Her Toned Abs in a Chic Crop Top

    Bricktown continues to thrive as OKC’s entertainment district – OKC VeloCity

    Bricktown Shines as Oklahoma City’s Premier Entertainment Hotspot

    This Haunting ‘60s Country Song Is Even More Tragic Than You Remember – Yahoo

    This Haunting ’60s Country Song Will Break Your Heart All Over Again

    Arts/Entertainment: ‘Wait Until Dark’ brings spooky season center stage – Times Herald Online

    Wait Until Dark’ Delivers Chilling Thrills Perfect for the Spooky Season

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Italian Technology in Manufacturing: Supporting North American Industries and Keeping Production Local – Thomasnet

    How Italian Technology is Revolutionizing North American Manufacturing and Boosting Local Production

    Guide to Proteomics Project Planning: Sample Preparation Strategies – Technology Networks

    Guide to Proteomics Project Planning: Sample Preparation Strategies – Technology Networks

    DLG−Agrifuture Concept Winners 2025 announced – Visionary Ideas in agricultural technology recognized – TheNewsMarket

    Meet the Visionary Innovators Revolutionizing Agricultural Technology in 2025

    Spanning the Gulf: Global Defence Technology 155 – Army Technology

    Spanning the Gulf: Exploring Cutting-Edge Global Defence Technology

    A Nobel Prize for explaining when technology leads to growth – NPR

    Nobel Prize Awarded for Unraveling How Technology Drives Economic Growth

    Erie Canal’s 200th anniversary: How a technological marvel for trade changed the environment forever – The Conversation

    Erie Canal’s 200th Anniversary: How a Trade Marvel Transformed the Environment Forever

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    CT Culture Corner: Robert Redford films to watch – CT Insider

    CT Culture Corner: Robert Redford films to watch – CT Insider

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

    Bella Thorne Shows Off Her Toned Abs in Crop Top – Yahoo

    Bella Thorne Shows Off Her Toned Abs in a Chic Crop Top

    Bricktown continues to thrive as OKC’s entertainment district – OKC VeloCity

    Bricktown Shines as Oklahoma City’s Premier Entertainment Hotspot

    This Haunting ‘60s Country Song Is Even More Tragic Than You Remember – Yahoo

    This Haunting ’60s Country Song Will Break Your Heart All Over Again

    Arts/Entertainment: ‘Wait Until Dark’ brings spooky season center stage – Times Herald Online

    Wait Until Dark’ Delivers Chilling Thrills Perfect for the Spooky Season

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Italian Technology in Manufacturing: Supporting North American Industries and Keeping Production Local – Thomasnet

    How Italian Technology is Revolutionizing North American Manufacturing and Boosting Local Production

    Guide to Proteomics Project Planning: Sample Preparation Strategies – Technology Networks

    Guide to Proteomics Project Planning: Sample Preparation Strategies – Technology Networks

    DLG−Agrifuture Concept Winners 2025 announced – Visionary Ideas in agricultural technology recognized – TheNewsMarket

    Meet the Visionary Innovators Revolutionizing Agricultural Technology in 2025

    Spanning the Gulf: Global Defence Technology 155 – Army Technology

    Spanning the Gulf: Exploring Cutting-Edge Global Defence Technology

    A Nobel Prize for explaining when technology leads to growth – NPR

    Nobel Prize Awarded for Unraveling How Technology Drives Economic Growth

    Erie Canal’s 200th anniversary: How a technological marvel for trade changed the environment forever – The Conversation

    Erie Canal’s 200th Anniversary: How a Trade Marvel Transformed the Environment Forever

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

What’s Driving the Solana Rally?

November 2, 2023
in Business
What’s Driving the Solana Rally?
Share on FacebookShare on Twitter

Solana rallied over 24% during the past 24 hours, hitting $45 at its peak. More impressive: It’s up nearly 80% in the past 30 days.

On the face of it, analysts say we’re seeing a classic short squeeze. But driving that is a narrative that basically says that Solana is not only as good as Ethereum—it promises to replace it.

For the longest time, SOL holders were derided as “Soylana Manlets.” The network was especially hard hit by the FTX debacle because FTX and Solana were heavily invested in each other. FTX invested in both Solana and projects built on top of it. For example, together with the Solana Foundation, FTX co-created Serum, a now defunct DeFi protocol which, in its heyday, was the backbone of the Solana DeFi ecosystem.

The Solana Foundation also holds several million dollars worth of FTX common stock and FTT tokens. This means that when FTX went down, Solana suffered both from the size of its treasury shrinking, as well as the fact that the SOL that FTX held has now been passed on to liquidators.

But thanks to growing developer support—its developer base grew over 40% year over year— and a growing cadre of Solana true believers refused to die. These days, the Solana vs Ethereum debate has become one of the loudest conversations on Crypto X/Crypto Twitter.

In essence, Solana’s advocates say the proof-of-stake blockchain’s novel technology is faster, more scalable, and cheaper to use than the Ethereum blockchain. (Here’s a fuller explanation of the network’s underpinnings vis a vis Ethereum’s.)

ETH/BTC vs SOL/BTC

Bitcoin is the market leader in crypto, and because of that, traders often examine the price of coins against the value of BTC, instead of against the value of the dollar—the reasoning being that, if you can’t outperform BTC, you might as well leave your money in BTC.

Lately, the price action on SOL/BTC has been far more attractive than that of ETH/BTC. In fact, many have called attention to how weak ETH looks when charted against BTC.

Traders and speculators are also looking at Ethereum’s past as a potential hint to the future of Solana, because of the similarity between the narratives of ETH’s past, and SOL’s present.

From April 2020 to Nov 2021, the price of Ethereum went from ~$100 to ~$4700. This came after ETH experienced its first bear cycle—a time during which many people made claims that ETH would disappear much like most of the ICOs of its time.

They were wrong. Developers flocked to ETH to launch tokens and protocols, keeping attention and volume on it throughout the bear. ETH came back stronger than ever and was one of the top performers of the 2020-2021 bull market.

Now, Solana is seeing a similar narrative. It had very close ties to FTX, so after the exchange’s collapse, many believed that Solana would never recover. Its showcase NFT project, DeGods, even left Solana for the Ethereum network.

Yet despite this, developers continued to build and deploy products on Solana—and its resilience caught the attention of investors as a potential short squeeze.

“All the ingredients were there for a huge rip higher,” explained Patrick Felder, founder & CIO at Prismatic Capital, who mostly invests in ETH but has increasingly been putting money into SOL. “After the FTX liquidators released their timeline for selling assets, everyone was either actively shorting SOL, or talking about shorting SOL.”

All those shorts created an imbalance that’s being exploited by the SOL true believers, he said. “In terms of positioning, things got way offsides, way too quickly. Solana has a diehard community so there are many people accumulating for the next cycle. It’s a classic short squeeze setup.”

The Solana developer community

Especially critical to Solana’s resistance to the short sellers is its ardent developer community, which not only didn’t defect post-FTX, it grew. The number of developers on Solana actually surged by 83%, at least according to RockwayX, a European VC firm that invested in Solana. Even Ethereum-cofounder Vitalik Buterin publicly showed support for the developer community.

The number of developers working on a layer-1 blockchain is a critical metric. In crypto you don’t pay developers to build on your blockchain, they have to choose to do it—and take a risk by learning a blockchain-specific language when they don’t know if the blockchain itself will last.According to Electric Capitals Developer Report, Solana currently has nearly 1,000 full time developers; by contrast, Ethereum has nearly 6,000.

Likewise, Solana’s market cap is only 8% of Ethereum’s market cap, so it has a considerable way to go to make a more durable argument for its long-term success. And despite the short squeeze, it’s not out of the FTX woods yet. It still needs to deal with the liquidation of FTX’s assets. The FTX estate currently holds $120 million worth of SOL, and will undoubtedly liquidate as the company continues to unwind.

But the Solana bulls say that once that overhang is dealt with, it’s up only for Solana.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CryptoNews.com.au – https://cryptonews.com.au/news/whats-driving-the-solana-rally-111289/

Tags: businessdrivingWhat’s
Previous Post

Elon Musk Blasts NFTs—And Bitcoin Fans Love It

Next Post

Top Analyst Predicts Breakout Rally for XRP, Updates Outlook on Solana and Ethereum-Based Altcoin

We look forward to expanding US investments in Egyptian economy: Kouchouk – Dailynewsegypt

Exciting Opportunities Ahead: Expanding US Investments in Egypt’s Economy, Says Kouchouk

October 19, 2025
Sabrina Carpenter Teases Tonight’s ‘SNL’ in Behind-the-Scenes Photos – Yahoo

Sabrina Carpenter Gives a Sneak Peek of Tonight’s ‘SNL’ with Exclusive Behind-the-Scenes Photos

October 19, 2025
SGMC Health Foundation Receives $31K Georgia HEART Contribution from Lakeland Family Dentistry – SGMC Health

Lakeland Family Dentistry Champions Heart Health with $31K Donation to Georgia HEART Program

October 19, 2025

LETTERS: How Removing Money from Politics Can Restore Integrity

October 19, 2025
Navigating Autonomy, Energy and Ecology in Ladakh, India – resilience.org

Navigating Autonomy, Energy and Ecology in Ladakh, India – resilience.org

October 18, 2025
Can We Save the AI Economy? – Towards Data Science

Can We Save the AI Economy? – Towards Data Science

October 18, 2025
Scientists discover surprising health impact of simple walk in park: ‘More efficient and stronger’ – Yahoo

Discover How a Simple Walk in the Park Can Transform Your Health and Strength

October 18, 2025
These Are Officially the 3 Best Tequilas of 2025, According to Concours Mondial de Bruxelles – Yahoo

These Are Officially the 3 Best Tequilas of 2025, According to Concours Mondial de Bruxelles – Yahoo

October 18, 2025
Italian Technology in Manufacturing: Supporting North American Industries and Keeping Production Local – Thomasnet

How Italian Technology is Revolutionizing North American Manufacturing and Boosting Local Production

October 18, 2025
This week in HS Sports: Separation is looming but common sense could still prevail – AL.com

High School Sports This Week: Tensions Flare, but Common Sense Could Prevail

October 18, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (874)
  • Economy (896)
  • Entertainment (21,767)
  • General (17,673)
  • Health (9,937)
  • Lifestyle (908)
  • News (22,149)
  • People (896)
  • Politics (906)
  • Science (16,106)
  • Sports (21,395)
  • Technology (15,875)
  • World (878)

Recent News

We look forward to expanding US investments in Egyptian economy: Kouchouk – Dailynewsegypt

Exciting Opportunities Ahead: Expanding US Investments in Egypt’s Economy, Says Kouchouk

October 19, 2025
Sabrina Carpenter Teases Tonight’s ‘SNL’ in Behind-the-Scenes Photos – Yahoo

Sabrina Carpenter Gives a Sneak Peek of Tonight’s ‘SNL’ with Exclusive Behind-the-Scenes Photos

October 19, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version