4u Created
Image default
Business

The market is hot, but Solana is not — Data explains why SOL price is lagging By Cointelegraph



The market is hot, but Solana is not — Data explains why SOL price is lagging

(SOL) has been in a steady downtrend for the past three months, but some traders believe that it may have bottomed at $26.80 on Oct. 21. Lately, there h been a lot of speculation on the causes for the underperformance and some analysts are pointing to competition from Aptos Network.

Solana price at FTX, USD. Source: TradingView

The Aptos blockchain launched on Oct. 17 and it claims to handle three times more transactions per second than Solana. Yet, after four years of development and millions of dollars in funding, the debut of the layer-1 smart contract solution was rather unimpressive.

Solana futures open interest, USD. Source: Coinglass
Solana annualized 3-month futures premium. Source: Laevitas.ch