→ And now, I'm even more enthusiastic about it at $90 in 2024.
And I feel that I'm going to adore it at over $500 in 2025.
You see, it's been my favorite for over 3 years.
It's often said that one shouldn't get too attached to a project.
→ With Solana, I just can't help myself.
So, I've decided to dedicate a whole episode to it:
My journey with Solana
My thoughts on the project
The reasons behind my opinion
The investment of a lifetime
We often hear that we're just one investment away from 'making it.'
Regardless of the amount, we're close to an investment that can change our life.
For me, that was Solana. It brought me fulfillment in terms of:
Finance
Networking
Skills
I was lucky to get involved in this ecosystem very early, thanks to a childhood friend who introduced me to Solana when it was still under $1.
As you can imagine, this allowed me to achieve significant gains (though probably less than you might think).
So, financially speaking,
It gave me a solid foundation when I returned to crypto in 2020.
But that's not all. A few months after my initial investments in 2020/2021,
The NFT hype on Solana began.
Being fully immersed in crypto at that time, I rode the wave as one should, experiencing both large gains and significant losses in minutes.
It's never all roses; profits always come with losses, an important point to note.
It was during this time that I built a network thanks to a particular NFT:
A Solana Monkey Business.
This single NFT (which cost a bit more than $15,000 at the time) was the gateway to a network of investors, most of whom had significant skills and were deeply invested in the ecosystem.
Why am I so bullish on Solana?
You might have noticed,
I remain very confident in Solana for several reasons:
→ It outperformed the market in 2023.
→ It significantly surpassed the activity of all other blockchains combined.
→ It boasts the most resilient community in the ecosystem.
And now, many are starting to realize this.
In recent months, we've seen a substantial influx of liquidity moving from Ethereum to Solana, primarily due to much more favorable transaction fees:
$180 for a transaction on Ethereum when the network is congested.
$0.05 for a transaction on Solana under the same conditions.
Yes, the best way to understand this phenomenon is by:
Examining the on-chain data.
Comparing stats against competitors.
Analyzing historical performances.
And that's exactly what I'm going to show you.
Does Solana Outperform Ethereum?
That's the question I'll try to answer using:
Sourced information.
Factual data.
Coherent opinions.
To obtain factual data, we'll look at on-chain data from Artemis and Token Terminal. Let's start with the user activity between the two blockchains:
Ethereum has always led since the inception of Solana.
However, since October 2023, Solana has seen a gradual increase in active users.
Meanwhile, Ethereum is losing traction, with a decrease in active addresses.
In January 2024, Solana had more active addresses on its network than Ethereum for the first time.
Token Terminal
Now, let's talk about the number of daily transactions.
On this front, Solana has been dominating Ethereum for several months thanks to its much more affordable transaction fees.
There's a slight upward trend for Solana, while Ethereum remains stagnant.
Solana still records 20 times more transactions each day than Ethereum.
Artemis
Regarding the price index,
Solana has shown market outperformance, especially over Ethereum, which has only underperformed the market so far.
And this trend is also evident in the profits generated on the blockchain.
Profits are literally skyrocketing on Solana, in contrast to a generally downward trend on Ethereum.
Now onto the price index.
It's one of the best ways to spot future trends in certain cryptocurrencies before the majority catches on.
Chart from TradingView
This chart shows the evolution of Solana versus Ethereum.
Since 2022, Solana has consistently underperformed Ethereum, and a strong resistance developed (marked by the oblique pink line on the price index).
In July 2023, we saw this strong resistance break upwards, indicating a strengthening of Solana, which was confirmed by its market dominance at the end of August.
Moreover, a significant channel (bounded by two pink lines) has formed on the RSI and appears to still be relevant.
This channel allows us to track periods of Solana's outperformance over Ethereum.
Currently, we are on the lower part of the range.
This indicates that Solana may outperform Ethereum even more in the coming weeks or months.
Solana is here to stay, and these factual data clearly show it.
I have deliberately not discussed the 'Blockchain stops' or the 'FTX FUD' as these debates only serve to fuel fear.
These two topics have been extensively discussed and both have their explanations, which do not diminish the quality of this blockchain.
