Here’s a quick look at Solana’s recent market performance, along with a Solana price prediction, and how it’s stacking up against Ethereum in terms of staking.
Price Movement and Technical Analysis
24-Hour Change: Solana’s price has dipped slightly by -0.02% in the last 24 hours.
Key Support and Resistance: The price has seen notable support at $137.66 and resistance at $144.70 as per Coinpedia Market.
Price Trend: Solana’s price action has been choppy, with periods of consolidation indicating a bearish trend.
Technical Indicators: The RSI (14) stands at 48.50, suggesting a neutral stance. There has also been a small uptick in trading volume, possibly hinting at a future price movement and a potential Solana price prediction shift.
Solana vs. Ethereum Staking: A Competitive Landscape
Solana's Staking Ratio: As of September 2024, 68% of Solana’s total supply is staked, showcasing strong user engagement.
Ethereum's Staking Ratio: In comparison, only 28% of Ethereum’s total supply is staked, reflecting a different participation level.
Staking Explained: Staking locks up tokens to help secure the network, and rewards are given in return. A higher staking ratio often signals a more actively engaged network.
Also Read: Ethereum Price Prediction 2024 - 2030: Will $ETH Hit $5,000?
Total Value Staked: Ethereum Still Leads
Ethereum’s Strength: Despite Solana’s high staking ratio, Ethereum remains the largest PoS blockchain by total value staked, with over $88 billion staked.
Solana's Growth: Solana’s staked value has grown dramatically from $7.5 billion to $58 billion in just a year, signaling increasing network adoption.
While Solana is gaining momentum with higher staking participation, Ethereum still holds the lead in terms of total value staked. This ongoing dynamic between Solana and Ethereum sets the stage for exciting developments in the staking ecosystem and influences future Sol price predictions.