Solana Gains 7% and Could Reach Half of Ethereum’s Market Value, Labeled ‘Top Liquid Proxy for Crypto Elections’ by Trader — Insights from TradingView

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        <strong class="root-Tkn6WL2y">Solana</strong> is on track to achieve half of <strong class="root-Tkn6WL2y">Ethereum</strong>'s market capitalization during this economic phase, should the recent <a target="_blank" href="https://www.benzinga.com/money/solana-price-prediction" class="link-XnzAKBML icon-XnzAKBML">forecasts on its value</a> hold true.
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        <strong class="root-Tkn6WL2y">Recent Developments:</strong> Daniel Cheung of Syncracy Capital has observed that Solana's bullish closure of the week has rekindled excitement in the market. He equated the present scenario with the dynamic third quarter of 2021, which was a harbinger for exceptional returns.
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        Cheung reasons that the current cycle will see Solana as a hub for on-chain activities, thanks to its retail accessibility. Thus, it stands out as a prime investment. He added that the talk of a Solana ETF and increasing odds in Trump's favor could contribute to this rally.
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        Cheung affirmed, "SOL is in a good position to achieve 50% of <strong class="root-Tkn6WL2y">Ethereum's</strong> market valuation in this period."
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        Crypto enthusiast <strong class="root-Tkn6WL2y">Eugene Ng Ah Sio</strong> is of the view that SOL will gain favor within the marketplace. He relates this to the Solana ETF proposals and their probable sanction in a Republican-led administration.
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        The limitations of trendy meme tokens such as <strong class="root-Tkn6WL2y">Maga</strong> and <strong class="root-Tkn6WL2y">Jeo Boden</strong>, have been pointed out by him as having niche appeal and driven agendas, yet lack the liquidity for significant market play. SOL, in contrast, stands as the most fluid election-related asset in cryptocurrency currently.
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        <a target="_blank" href="https://www.benzinga.com/events/digital-assets/" class="link-XnzAKBML icon-XnzAKBML">www.benzinga.com/events/digital-assets</a>
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        <strong class="root-Tkn6WL2y">Related Reading: </strong><a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/07/39755467/top-crypto-trader-contemplates-retirement-looks-for-one-last-bullish-trade-on-bitcoin-ethe" class="link-XnzAKBML icon-XnzAKBML">Veteran Crypto Trader Considers Retirement, Seeks One Final Profitable Trade on Bitcoin, Ethereum, Solana</a>
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        <strong class="root-Tkn6WL2y">Significance:</strong> TheBlock's data indicates a rise in non-vote transactions on Solana, jumping from 23.4 million on June 30 to a record 36 million. This proliferation is significantly attributed to the vibrant memecoin niche within its ecosystem.
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        For those new, non-vote transactions include all activities on the blockchain excluding the validator vote processes, encompassing transfers, smart contracts interactions, and dApp operations, among others.
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        In comparison to Ethereum, Solana boasts an average of over 30 transactions per day across its active addresses. 
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        Coinglass demonstrates a 11% increase in open interest to $2.14 billion, marking a zenith since early July. Short liquidations reached $6.8 million, a peak since July 8. Data from DeFiLlama reveals a total value locked at $4.7 billion, the most since June 6.
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        <strong class="root-Tkn6WL2y">Market Movements:</strong> Over the past day, SOL has witnessed a 7.5% uptick, and its weekly upsurge stands at 13.3%.
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        <strong class="root-Tkn6WL2y">Looking Ahead:</strong> Bitcoin’s role as an institutional asset class will be a major theme at the forthcoming Future of Digital Assets summit by Benzinga on Nov. 19.
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        <strong class="root-Tkn6WL2y">Further Reading:</strong>
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    <ul class="list-bmN0_SHH list--padded-bmN0_SHH">
        <li class="listItem-bmN0_SHH">
            <strong class="root-Tkn6WL2y">Solana Ascends 5.5% As Cboe Submits SEC Application To List Spot ETFs by VanEck, 21Shares</strong>
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        <em>This article includes contributions from artificial intelligence tools and has been reviewed and published by the Benzinga editorial team.</em>
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        <em>Image Source: Shutterstock</em>
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        <em>© 2024 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.</em>
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