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Solana's (CRYPTO: SOL) rally, which spiked at $160 in Thursday trading, prompted traders to foresee further upside for the popular altcoin.
What Happened: Crypto trader Eugene Ng Ah Sio believes that at a later date this cycle will be collectively called the “SOL supercycle.” He states that based on price action, Solana is the only major coin to "rerate materially vs any pair on a high time frame basis."
Crypto expert Peter Brandt highlighted the battle between Solana and Ethereum (CRYPTO: ETH) and noted that the obvious winner is Solana, as it boasts a user-friendly ecosystem and a great foundation. He sees Ethereum as "cumbersome, expensive, and flawed, claims to be decentralized when it's not" and predicts a 100% gain for Solana on Ethereum in the upcoming months.
Also Read: Solana Outperforms Bitcoin Over The Past Month: What Does Technical Analysis Say?
Why It Matters: The Brazilian Securities and Exchange Commission approved a Solana-based ETF, CoinDesk reported. This will be the first product of its kind in Brazil and among the first Solana ETFs globally. VanEck and 21Shares intended to introduce a Solana-based ETF to the U.S. market.
Solana's single-day 7% rally has pushed the altcoin's position to fourth among the top ten cryptocurrencies. This rally also managed to erase the recent drawdown faced by the crypto markets.
A Binance blog post reported that the Venture Capital and Incubation arm of Binance, Binance Labs, has announced its investment into a leading re-staking network based on Solana, Solayer.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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