Network data shows Solana underperformed competing chains, but SOL bulls are confident that the altcoin’s price will rise higher.
Solana's (SOL) native token, SOL, gained 18% in the 7 days leading to Feb. 13. The price run to $115 allowed Solana to surpass its rival BNB (BNB) in market capitalization to claim the third spot, when excluding stablecoins.
The driving force behind SOL’s bullish run include airdrops and the network’s ability toprovidea more affordable and user-friendly solution compared to its competitors. However, are these factors sufficient enough to justify a rally toward $120 and beyond?
Experienced crypto investors tend to argue that Ethereum network rollup solutions provide enough scalability and reduced costs to keep investors in the network, but new entrants will likely find Solana’s user experience much simpler. The same holds true for nonfungible token (NFT) launches and airdrops targeting 10,000 or more addresses, as history shows that even layer-2 solutions face increased transaction costs or delays during peak demand.
