Solana is the best performing asset in the top 10 cryptocurrencies by market capitalization in recent weeks |

Solana (SOL) is the best performing asset in the top 10 cryptocurrencies by market capitalization. The market seems to be reacting positively to the Solana Labs smartphone announcement, as the cryptocurrency is reacting faster than other assets in this moment of crisis.

The price of SOL is trading at $42 with a profit of 12% and 36% in the last 24 hours and 7 days respectively. Meanwhile, the second best performing cryptocurrency is XRP with a 16% rise in the past week, followed by Polkadot (DOT) with 15%, and Ethereum with 14% upside.

Solana rallied after coming under massive selling pressure. Besides trending in tandem with the crypto market, the cryptocurrency has been impacted by negative news and a series of network outages that have prevented users from transacting on it.

This week’s bullish momentum could be tied to yesterday’s announcement, but the analyst nathan.eth believes Solana is playing the long game. In this sense, this network represents a “significant and growing threat to Ethereum“, currently the most used blockchain in the field of decentralized finance (DeFi).

The analyst claims that the team behind Solana tackles the complexities and difficulties people face when using Ethereum. According nathan.eththe network, its ecosystem and the products it contains require users to have a certain degree of technical knowledge and are said to perform poorly.

Additionally, Ethereum remains an expensive network that prevents many users from accessing its ecosystem. The analyst believes that a blockchain should be designed for the everyday user and therefore asserts that “the Solana crowd is more in touch with reality“.

This could be beneficial for this network in the long run and allow it to take market share from Ethereum. The launch of its own native smartphone seems to be the tip of the iceberg. According to the analyst:

Is it very decentralized? nope. Is it ethically funded/monetized? probably not, lol. but could your grandmother use it? YES. but projects in the ecosystem generally gravitate towards better usability, because solana builders generally focus on usability more than eth builders.

Solana more productive than Ethereum?

Additionally, the analyst claims that developers Solana are “more productive” and more “concentrates” that Ethereum developers. The analyst concludes:

I don’t like Solana at all. But it’s healthy to put Ethereum in the hot seat at times like this. If we harbor isolated illusions that Ethereum is unchallenged while it relatively fails to serve the normal user, then Solana might well win.

At its peak, Ethereum’s DeFi protocols managed over $100 billion in total value locked (TVL) while Solana only reached $12 billion. If the latter is able to take some of Ethereum’s TVL, Solana could come back and surpass its all-time high and experience unprecedented expansion.

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