Ethereum

Solana

Bitcoin

Jito

Bitcoin’s rally, surging past its ATH to hit the<a href="https://yellow.com/news/bitcoin-surges-past-record-dollar75000-as-markets-react-to-early-election-data"> $75000 mark</a> on November 6, triggered an upswing in Solana's (<a href="https://yellow.com/asset/sol">SOL</a>) price, which<a href="https://www.crypto-news-flash.com/sol-price-eyes-200-as-solana-gains-momentum-with-bitcoins-election-rally/"> gained</a> 5.3% to go beyond the $167 mark. 
This <a href="https://yellow.com/asset/btc">BTC </a>price surge stirred the crypto market on US election results day, making traders believe that SOL could also rise to $200. The token is on track to go above $200 in Q4, which was its March high point. 
The derivatives metrics of Solana, along with its on-chain data, indicate that the digital asset will continue its upward price movement. Earlier, the SOL DEX volume flipped the weekly DEX activity of Ethereum (<a href="https://yellow.com/asset/eth">ETH</a>), reaching $11.86 billion. 
This happened despite the total value locked (TVL) of Ethereum being higher than Solana. SOL’s TVL increased 38% in the last three months as it gained from Jito and Marinade staking protocols. Although Solana’s deposits are $6 billion lower than Ethereum's, the blockchain is nearly equal to ETH in weekly transaction fees. SOL and ETH have weekly transaction fees of $20.5 million and $22.6 million respectively. The surge in transaction fees speaks of the network's high user engagement and growth. 
In terms of yield, Solana is better than Ethereum as SOL is providing a 6.5% yield with a 66.9% circulating supply while ETH is doing the same with a 28.6% circulating supply. 
Solana is currently trading at $187.02, a 14.02% surge in the last 24 hours while ETH is at $2663 with a gain of 8.89%. The SOL price chart shows that the coin has gained 5.64% in the last 7 days. 
The balanced demand for Solana in the futures market suggests that the digital asset is facing a neutral to mild bullish sentiment which could result in more buying in the aftermath of the US election results and federal rate cut. This could ultimately push SOL towards the $200 level. 
The 5.4% reduced inflation rate of Solana along with its high staking rate is making more crypto investors hold the coin for the long-term.

Bitcoin US Election Rally Pushing Solana To $200, Holders To Retain

Yellow News

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