Ethereum

Solana

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when

Solana and top cryptocurrencies like Ethereum and Bitcoin are struggling at spot rates. Following the plunge on June 6, prices are under pressure, cementing the position of sellers who have been dominant since late May 2024. 
<h2 id="will-the-solana-uptrend-remain">Will The Solana Uptrend Remain?</h2> 
Even so, some analysts are upbeat, expecting not only altcoins to recover in the sessions ahead but specifically for Solana, a top-5 coin, to emerge as a leader in the next cycle. 
In a post of X, one analyst <a class="editor-rtfLink" href="https://x.com/0xGumshoe/status/1799878595432849700" target="_blank" rel="noopener nofollow">noted</a> that provided bulls maintain the current uptrend, rejecting any attempt for lower lows, SOL will continue to float higher. 
<img loading="lazy" decoding="async" class="size-full wp-image-304782" src="https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587" alt="Solana in an uptrend | Source: @0xGumshoe via X" width="1024" height="587" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=3415 3415w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/06/GPpzdvIWcAAcJZc.png?resize=1024%2C587?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Of note, this will continue the trend seen from the better part of H2 2023, when the coin rose from obscurity to become one of the top performers, even outdoing Bitcoin. Looking at the daily chart, SOL is up 100% from January 2023 lows and roughly 8X from the pits of September 2023. 
Even though there has been a cool-off after the rally to as high as $210 in March 2024, the uptrend remains. So far, SOL is down 25% from March peaks, with prices retesting a key support trend line. As bulls soak in selling pressure, attempting to reject bears of June 6, keeping prices above $160 will be crucial. 
&nbsp; <a href="https://www.tradingview.com/x/0uXphLM6/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/0uXphLM6/" alt="Solana price trending sideways on the daily chart | Source: SOLUSDT on Binance, TradingView" width="1233" height="592"></a> 
Though technical candlestick formations support this bullish outlook, there are favorable developments from the fundamental side of the equation. 
<h2 id="solana-finds-adoption-but-will-regulators-crack-the-whip">Solana Finds Adoption But Will Regulators Crack The Whip?</h2> 
Increasingly, more financial institutions are integrating Solana to future-proof their offerings. So far, PayPal, Visa, and Stripe support Solana. 
Most importantly, as they integrate Solana, they recognize the need to adapt to rapidly changing user preferences, most of which are looking for cheaper and faster transactions. Solana boasts a theoretical throughput of up to 65,000 transactions per second (TPS). 
Meanwhile, though Ethereum has the largest network, it can only process 15 transactions every second, negatively impacting transaction fees. Depending on network demand, transferring tokens or executing smart contracts on Ethereum can be expensive. Fees fluctuate and, at one point, rose to over $50, according to YCharts <a href="https://ycharts.com/indicators/ethereum_average_transaction_fee" target="_blank" rel="noopener nofollow">data</a>. 
<img loading="lazy" decoding="async" class="size-full wp-image-304783" src="https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269" alt="Ethereum gas fees | Source: YCharts" width="1024" height="269" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=1832 1832w, https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/Screenshot748.png?resize=1024%2C269?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Though Solana is fast becoming a choice for institutions and meme coin deployers, there are ongoing challenges. In lawsuits filed by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase, the regulator alleges that Solana is an unregistered security. 
At the same time, unlike BTC and ETH, SOL, listed on the CME market, lacks a developed futures market. This absence, considered when the United States SEC wants to approve an exchange-traded fund (ETF), may take years before the product goes live.

Solana To Flip Ethereum And Become “Altcoin Leader” In Next Bull Cycle: Analyst

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