Latest Solana News and Insights | Yellow.com

Solana's price ticked up 0.5% to $142.59 in the past 24 hours. This follows Asymmetric founder Joe McCann's bold claim about the cryptocurrency. McCann praised Solana on Wealthion's Speak Up podcast. He told host Anthony Scaramucci that Solana has "flipped every metric associated with Ethereum". The hedge fund CEO didn't mince words. He argued Solana is "so cheap and fast [it] will enable use cases that are literally impossible on Ethereum in its current state". These bullish comments come despite Solana's recent dip. The token is down 3% over the week. However, it's up 16% in a fortnight and a whopping 550% over the past year. McCann's not new to the Solana hype train. Asymmetric received financial backing from Solana's founder, Anatoly Yakovenko, in a $1 billion raise back in 2022. In his chat with Scaramucci, McCann dropped another bombshell. He claimed Solana is outperforming Ethereum at just "20% of the value". Doing some quick math, McCann suggested Solana's potential. "If Ethereum is going, you know, two and a half [or] 3x from here, Solana's got to be four or 5x as well," he said. That's some serious growth potential. We're talking a price range of $560 to $710 for SOL. McCann didn't give a specific timeline, though. Looking at SOL's chart, that range seems a bit far-fetched right now. We're probably a year out, at least. But hey, stranger things have happened in crypto. McCann's not alone in his Solana enthusiasm. With big players backing SOL, it'd be foolish to bet against it. So, is Solana really the fastest horse in the crypto race? Only time will tell. But one thing's for sure – it's definitely one to watch.

Ethereum's recent performance has raised eyebrows. Despite its Wall Street debut, ETH has struggled to keep pace with competitors. The crypto market took a nosedive on Sunday. ETH-to-BTC conversion ratio hit a yearly low of 0.041. Digital assets have since rebounded. Yet, the ratio remains at 0.043. This trend bucks expectations. Typically, altcoins outperform Bitcoin in bull markets. Capital often flows from Bitcoin to riskier assets. This held true for Solana and meme coins like PEPE and WIF. Ethereum, however, didn't follow suit. Financial analyst Wesley Kress tweeted his concerns. "Ethereum is trading horribly this cycle," he wrote. "People are realizing it's not the future." Not everyone shares this pessimism. Some analysts believe time will favor Ethereum. They argue the new Ethereum spot ETFs need time to take effect. Crypto influencer Crypto Kaleo offered perspective. He noted Ethereum ETFs have been live for just twelve days. This mirrors Bitcoin's post-ETF timeline before its rebound in January. ETFs should theoretically boost ETH's price. They allow institutions previously barred by regulations to invest in Ethereum. But the reality might be more complex. Jonathan Bier, FarsideUK CIO, shared insights with Decrypt. "Much of the success will be driven by people and entities shifting their existing [Ethereum Trust] holdings into ETFs," he said. Bier pointed out that Grayscale's Ethereum unwind could be more severe than its Bitcoin counterpart. Investors face capital gains taxes when selling Ethereum Trust shares. "At the same time Ethereum investors are always looking for the latest thing with the newest tech," Bier added. "They're less loyal than Bitcoin investors." Solana has been nipping at Ethereum's heels. It overtook Ethereum in total transaction fees in late July. This marked a first for the upstart blockchain. On-chain metrics paint a mixed picture for ETH. CryptoQuant data shows Bitcoin's "realized capitalization" rose by $187 billion this year. Ethereum's increased by $127 billion. Julio Moreno, CryptoQuant's Head of Research, told Decrypt, "Bitcoin has overperformed Ethereum in certain network fundamental metrics." He noted a decline in the ratio of Ethereum to Bitcoin transactions, mirroring the ETH/BTC price ratio drop. The crypto world is a rollercoaster. Ethereum's current slump might be temporary. But it's clear the blockchain giant faces stiff competition. Investors are watching closely. The next few months could be make-or-break for Ethereum's market position.

Andrena, a wireless internet provider, has raised $18 million. The funding will fuel its decentralized internet project on Solana. Dragonfly led the Series A extension round. CMT Digital, Castle Island Ventures, and Wintermute Ventures also chipped in. The deal was structured as a SAFE with token warrants. It brings Andrena's total funding to $38 million. Dragonfly had also led a $15 million Series A round in February 2023. Andrena's been in the game since 2017. They've been offering cheap wireless internet across the US. Now they're doubling down on blockchain tech. The fresh cash will speed up work on their DAWN protocol. DAWN stands for decentralized autonomous wireless network. It's a fancy way of saying "internet without the big guys". DePINs are all the rage right now. They let people share physical stuff like energy or internet bandwidth. Andrena's betting big on this trend. "We're stoked to build the first DePIN protocol for decentralized broadband on Solana," the company tweeted. They're dreaming big. Their goal? Turn the internet from a provider-owned model to a consumer-owned one. DAWN uses something called "proof of backhaul". It's a way to check how much data each node can handle. They cooked this up with some smart cookies from Princeton and Polygon. Right now, DAWN's just testing the waters. But they're gearing up to launch on Solana for real. The DePIN market's on fire. Fundraising's up 296% year-on-year. Total market cap has hit $20 billion, according to Messari. That's a 400% jump. Solana's leading the pack for DePIN projects. It's hosting about 78 of them. But other blockchains like IoTeX and Peaq are nipping at its heels. Will Andrena's bet pay off? Only time will tell. But with $18 million in their pocket, they've got a solid shot at shaking up the internet game.

Brazil's securities watchdog has given the thumbs up to a spot Solana exchange-traded fund (ETF). It's a first of its kind globally. The move puts Brazil ahead of the US in the crypto ETF game. The Brazilian Securities and Exchange Commission (CVM) greenlit the ETF. QR Asset, a local asset manager, created it. Vortx will run the show as fund administrator. The ETF isn't live yet. It's waiting for the nod from B3, Brazil's stock exchange. Once that's sorted, it'll be game on. The fund will track the CME CF Solana Dollar Reference Rate. CF Benchmarks and the Chicago Mercantile Exchange (CME) cooked up this index. Theodoro Fleury, QR Asset's big cheese, is chuffed. He told local rag exame that his firm is "a global pioneer in this segment." Fleury reckons this cements "Brazil's position as a leading market for regulated investments in crypto assets." While Brazil's racing ahead, the US is still at the starting line. No spot Solana ETF there yet. But the yanks aren't sitting on their hands. VanEck and 21Shares have thrown their hats in the ring. They've filed S-1 forms with the US Securities and Exchange Commission (SEC). They're hoping to get the green light soon. Standard Chartered's crystal ball sees Solana and XRP ETFs on the horizon. But they reckon it's more of a 2025 story than a 2024 one. VanEck's digital assets guru has a different take. He thinks a US Solana ETF hinges on who wins the White House. He called the lack of a regulated Solana futures market a "Psyop" by SEC boss Gary Gensler. BlackRock's not buying it. They're skeptical. They reckon we won't see much beyond Bitcoin and Ethereum ETFs for a while. Up north, Canada's getting in on the action. 3iQ's gunning to be North America's first Solana ETF. They're not just buying SOL, they're staking it too. "The Solana Fund offers easy exposure to SOL without technical complexity," they said. Brazil's move is a big deal. It's not just about Solana. It's about who's leading the crypto ETF charge. For now, it looks like samba's beating out the star-spangled banner.

Solana's token (SOL) is on a tear. It's outperforming major cryptocurrencies in the latest market rebound. The token hit an all-time high against Ethereum (ETH). SOL reached 0.062 against ETH. That's a 7.5% jump in 24 hours. Weekly gains stand at 13.6%. ETH also fell to a three-year low against Bitcoin (BTC). The crypto market saw a bounce from Monday's lows. SOL led the pack. It's down only 11% this week. BTC and ETH fell 14% and 25% respectively. David Zimmerman from K33 Research is bullish on SOL. "After the recent wipeout, SOL and its ecosystem still look good," he wrote. SOL's performance against ETH and BTC impressed him. Tagus Capital, a UK firm, credits Solana's strong fundamentals. They point to user growth and increased DEX volumes. The overall ecosystem expansion also plays a role. But it's not all smooth sailing. Rumors are swirling about Jump Crypto. The market maker might be closing shop. Jump was a key Solana supporter early on. Blockchain data shows Jump moving ETH to exchanges. They've also unstaked $500 million of ETH recently. This could spell trouble for Solana. Zimmerman isn't too worried. "SOL is showing strength," he says. "If looking for longs, SOL is a clear option." No need to overthink it, basically. Delphi Digital sees more upside. They predict SOL could hit 0.1 against ETH. That's an 80% potential gain. Not too shabby. Michael Rinko from Delphi stands by this forecast. "Still think 0.1 is on the table," he says. But he adds a caveat. "It would require some Q4 fireworks, but it's possible." So, there you have it. SOL's killing it right now. But in crypto, things can change fast. Keep your eyes peeled, folks.