• Pantera Capital released a report addressing Solana as a major player in the future of blockchain.
  • Waning interest in meme coins could hamper Solana's growth.
  • Solana's price drops briefly below $130 for the first time since May.

Pantera Capital released a report on Friday stating Solana's rising influence in blockchain, surpassing that of Ethereum amid a slight decline in the price of SOL.

Solana valued above Ethereum according to Pantera Capital report

In a recent report, Venture capital firm Pantera Capital referred to Solana as a key player in blockchain technology, likening its recent interest over Ethereum to that of Apple over Microsoft.

Also read: Is this the end of the Solana meme coin experiment?

The report, published on Tuesday, centered around the recent developments in the crypto industry but also highlighted the potential of the Solana network. This was thoroughly discussed in the section titled "Solana: The 'Mac OS' of Blockchain."

Mac OS is the operating system behind Apple's personal computer devices. The section discusses the significant market impact of the Solana network over the past year. 

It also states that Solana features a holistic architecture that aims to optimize every part of its blockchain, resulting in faster innovation, improved security, and a smooth user experience compared to the Ethereum network.

Read more: Solana kicks out validators extracting value from users through sandwich attacks

Pantera's faith in the Solana network follows a heavy investment in SOL tokens acquired via auctions of the defunct FTX exchange holdings over the past few months.

Solana experienced a surge in user activity following excitement surrounding Solana-based meme coins in the past few months.

This is characterized by the increased launch of meme tokens through the Solana token generation platform pump.fun. This accounted for 85% of the tokens that appeared across Solana decentralized exchanges (DEXs) like Raydium and Jupiter.

Also read: Solana-based meme coins' outlook improves, casting shadow over Dogecoin, Shiba Inu

However, Solana seems to have been experiencing a correction lately, as it is about 32% down from its yearly high.

The price of Solana fell briefly below $130 early on Friday, the first time since May before experiencing a correction. SOL is currently trading at $134 and is up by 0.24%.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP