The race amongst smart contract platforms has well begun! While Ethereum, Cardano are the most talked-about, Solana has been the dark horse of the race. Now that the market is picking up steam after a major sell-off, it is time to track which one leads the race in terms of price action and growth.
Ethereum after breaching the psychological $2000 level, faces its next resistance at $2200, breaking out above this level will pave way for $3000. However, if ETH dips $1985-$2015 will be the key support levels to hold.
As for blockchain development, Ethereum is set to solve its high gas fees and congestion issues. The much-awaited London Hardfork is being updated on testnet successfully. The upgrade includes EIP’s that will address major issues. With the launch of ETH 2.0, the blockchain will transition into a proof of stake platform making it a green token.
Cardano has had a good week with an 8.6% surge. After breaching the key resistance level at $1.35 it retraced a little and is back again at $1.36 currently. If the momentum holds ADA could potentially break above $1.45 and rise to $1.85.
As for platform development, Cardano recently achieved a new milestone as its total staking addresses pass the 650,000 marks. An increase of more than 8% since the beginning of June.
Also, the Alanzo update is underway, it was recently revealed that Alanzo is now able to run smart contracts. ADA is also trying to set its foot in El Salvador as its founders are going to have a discussion with the President.
Solana is on a tear right now, with SOL up 5% in the previous 24 hours. An ascending triangle pattern on the charts indicates a probable increase of 39% to $50. Traders must, however, wait to validate the rise. The 100 SMA provides immediate support on the downside, but if it breaches, other anchor levels include the 50 SMA and $26.5.
As for platform development, Solana blockchain has a lot of projects working on the platform. It is also witnessing various collaborations and various DApp developers are keen to be on Solana. SBF chose Solana for the Serum DEX precisely because it was the fastest smart contract crypto on the market.
Solana is superior to its peers in terms of network speed and fees. It has a transaction rate of 65,000 transactions per second (TPS), and fees are as minimal as 0.25(Avg). It uses a different method of consensus i.e proof of history which makes it swifter and efficient for mass adoption.
Cryptocurrency analyst and YouTuber Jason Pizzino in a recent video put out his take on the leading smart contract platforms.
First up, The analyst is bullish on Ethereum in the long run, although he expects ETH to drop against Bitcoin in the near term. He says, “ETH, it’s one of those ones I’m happy holding…
Cardano (ADA) is also on the analyst’s radar because it has held its value better than other altcoins during the selloff.
Solana (SOL) appears to be even more resilient than ADA, according to Pizzino, as it has maintained its BTC value since May 15th.
“SOL/BTC is dead on the same as it was on the 15th. So we haven’t lost any Bitcoin value from that [point]… That’s strong in my opinion, and like I mentioned earlier, there are now some alts which I would consider beginning to dollar cost average into.
Solana is one of those. Cardano is potentially another, but Solana looks a little stronger here. ETH is potentially another, but I’m still waiting on that.”
Look like it’s going to be an explosive time for smart contract platforms going further. Which blockchain will perform the best is to be watched out for. Perhaps it needn’t be a zero-sum game, all the blockchains could excel equally as well.