Solana (SOL) Rockets Towards $70: Bulls In - Is $100 Next?

• Solana (SOL) has gained 13 percent in the past week and continues to inch closer to the $70 mark which analysts say could be the foundation for a rally to $100.
• Founder Anatoly Yakovenko recently addressed the narrative that Solana is an Ethereum killer, stating that both can and should co-exist as the market is big enough for both.

“Solana is the ultimate Ethereum killer.” How many times in the past two years have you heard this narrative? But what if Solana can blow up on its own without needing to kill Ethereum off? According to founder Anatoly Yakovenko, the two can coexist and become giant projects on their own merits. Meanwhile, SOL is gaining momentum and a break to $70 seems imminent as analysts eye the $100 mark.

At press time, SOL trades at $61.22, gaining 11.2 percent in the past week. In the past month, it has gained 45.5 percent as the crypto’s momentum continues following a continued de-association with SBF and FTX exchange and tireless input from the project’s developers.

The next level to eye for SOL is $70, analysts say. An upward relative strength indicator (RSI) shows that the market has an influx of SOL bulls, with the positive Awesome Oscillator (AO) showing that these gains could be sustained for the short term.

If SOL hits $70, it could be on its way to $100, a level it hasn’t hit since April last year. This would be a 1,000 percent gain from the $9.8 it hit just last December after the collapse of FTX.

Solana (SOL) Isn’t an Ethereum Killer, Says Yakovenko

The Ethereum killer narrative has been used on any crypto that’s successful and built with smart contracts in mind, from Solana and Avalanche to Polkadot and Cardano. While the term is used to show the potential of a crypto project, it also implies that any other network can only succeed if Ethereum fails, which is a false narrative.

Yakovenko has been against this narrative for a while and never shies off from an opportunity to defend Solana against its Ethereum-killer branding. Most recently, he took to X to shut down the narrative, which he considers “bulls**t” and lame.

He stated:

Don’t bring back the last cycle “eth killer” [bullsh**t]. It’s lame. Pareto-efficient technologies can have overlapping features and will compete, but that’s all okay.

“I don’t see a future where Solana thrives and somehow {Ethereum] dies. I am such a techno-optimist that I am certain that eventually danksharding will have enough bandwidth for all of Solana’s data,” he added.

Danksharding is a scaling method introduced in Ethereum by researcher Dankrad Feist in which a network is divided into shards and transactions are processed in parallel. This allows the network to scale massively and avoids congestion.

This isn’t the first time Yakovenko has dismissed the “Ethereum killer” narrative. In September, the MakerDAO founder revealed he was to migrate the project from Ethereum to Solana, and this caused intense infighting on social media platforms.

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Maker considering @solana’s tech is a win for open source, and has nothing to do with solana’s mainnet or sol vs eth. I really hope that people in the @solana community don’t use this as some cudgel to attack ethereum.

— toly 🇺🇸 (@aeyakovenko) September 3, 2023

He added that a lot of what Solana is today was inspired by Ethereum.