Following a prolonged period of being overshadowed by Solana (SOL), Ether (ETH) has experienced a sudden 8.9% surge in the last 24 hours, sparking renewed bullish sentiment within the Ethereum community. This upturn comes after months of Solana significantly outperforming Ethereum.
Jordi Alexander, the Chief Investment Officer at Selini Capital, expressed optimism in a post on X (formerly Twitter), stating, “The revenge of the ETH is starting.” He highlighted recent rallies in several altcoins and Michael Saylor’s acquisition of an additional $615 million worth of Bitcoin on December 26 as strong foundations for an upward move in ETH over the next few weeks. Alexander emphasized the compelling risk/reward profile for Ether, foreseeing a potential liquidity surge in January.
Pseudonymous trader Pentoshi also shared a bullish target for Ether, posting a chart on X with an approximate price target of $3,485. The Ethereum-Solana rivalry has intensified in recent weeks, with Ethereum gaining 102% year-to-date. However, Solana has outperformed significantly, boasting a staggering 951% gain since the beginning of the year, according to TradingView data.
The impressive price performance of Solana, coupled with its substantial on-chain activity, led many to assert its superiority over Ethereum due to lower fees and faster settlement times. Ethereum supporters, on the other hand, argued that Ethereum’s architecture is better suited for larger entities conducting on-chain business. They also pointed to layer-2 scaling solutions like Optimism and Arbitrum as examples of cost-effective fee alternatives on the Ethereum network.
At the time of publication, ETH is trading at $2,417, marking an 8.9% increase in the last 24 hours. Meanwhile, Solana has experienced a minor pullback from its recent surge, trading at $104, reflecting a 4.2% loss in the last day.
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