Jamie Coutts, chief crypto analyst at Real Vision, says one of Ethereum’s (ETH) main competitors could be on the verge of a massive breakthrough.
Coutts says the number of active Solana (SOL) addresses has climbed by triple digits in percentage over the past three months, far more than other smart contract platforms.
He believes that SOL’s recent price correction, combined with network metrics, sets it up for a sharp rise.
“Solana: Active addresses exploded by 276%, but fees fell by 11.3%. The price is like a coiled spring, ready to burst. »
It also shares metrics on other smart contract platforms (SCPs) from the same period:
“On-Chain Activity Update for Major SCP Networks:
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- Ethereum: Fees have likely reached a cycle low, up 77%, while price momentum remains weak -21.9%.
- TON: active addresses +208%, fees +103%, but price growth (+26.1%) seems moderate due to Telegram CEO fallout – probably exaggerated.
- SUI: rates jumped by +236%, addresses up by +74.9%. The increase in money velocity indicates healthy network growth. (Aptos also posts modest gains.)
- TRON: crushes it in stable transfers, with fees up 30.4% to $6.39 million/day across 2.1 million active addresses. Strong momentum, close to historic highs (ATH).
- NEAR: Growth has slowed with slight declines, but ranks second for active addresses (over 3 million).
On-chain metrics use a 14-day moving average.
Solana is trading at $145.33 at the time of writing, up more than 4% in the last 24 hours.
Coutts also highlights that payments giant Stripe announced global support for USDC settlements on the Ethereum (ETH), Polygon (POL) and Solana blockchains.
He believes payment advancements in crypto are bullish for layer 1s like Solana.
“One of the world’s largest payments companies returns to the fray after a six-year hiatus. Visa, Mastercard, PayPal and Stripe are banking on crypto. The only question for investors is whether blockchain rails will be used more or less in the future. Except for the Bitcoin store of value, most other use cases – decentralized physical infrastructure networks (DePin), non-fungible tokens (NFTs), etc. – always try to find a PMF (product market fit).
However, there is no ambiguity about stablecoins and their usefulness for payments and decentralized finance (DeFi). If all else fails, this will be enough to secure the network value of layers 1 (L1) that have reached early network effects and some that are on the way. The question, as always, is what stance size is appropriate.
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