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Prominent market watcher Altcoin Daily highlights a list of altcoins that are potential Solana Killers in 2024, including Cardano, Polkadot, Toncoin, and Near Protocol.
Solana has recorded a remarkable performance this year, with the price of SOL skyrocketing by a whopping 69.6% year-to-date (YTD). The asset has achieved this feat despite the numerous downturns recorded across the broader market since the beginning of the year.
At its current price of $172.94, SOL has witnessed a 4% spike over the past 24 hours and a seven-day growth of 2%. In addition, Solana’s price has soared 175.9% over the past six months.
The surge in SOL’s price can be attributed to the influx of new tokens, particularly memecoins, on the Solana network. These new tokens have bolstered Solana’s network usage, thus driving the demand for SOL. Despite its remarkable performance, Solana has faced significant issues, like major network outages.
Expert Identifies 8 Solana Killers
This has birthed speculations that other top decentralized crypto projects could rise to the occasion and pose a major threat to Solana’s dominance. The crypto community refers to these projects as “Solana Killers,” a bold statement indicating rivalry.
Interestingly, prominent crypto analyst Altcoin Daily is among the market experts who share this sentiment. According to an X post yesterday, the analyst highlighted eight altcoins that are potential Solana Killers in 2024.
Altcoin Daily’s list of potential Solana Killers includes Near Protocol (NEAR), Toncoin (TON), Aptos (APT), Polkadot (DOT), Mina (MINA), Cardano (ADA), Sui (SUI), and Cosmos (ATOM).
Also, the top market watcher included Injective (INJ) in the list as a bonus while urging other crypto enthusiasts to propose other projects that are potential Solana Killers
8 Top #Solana Killers to Know in 2024
1) Near Protocol
2) Toncoin
3) Aptos
4) Polkadot
5) Mina
6) Cardano
7) Sui
8) CosmosBonus: Injective???
👇What's your pick?
— Altcoin Daily (@AltcoinDailyio) June 4, 2024
Possible Reasons Behind the Selection
Although Altcoin Daily did not indicate the reason behind the selection, a common trait among these projects is their decentralized nature. Additionally, the crypto assets Altcoin Daily, tagged as Solana Killers, have also made major impacts in the crypto industry.
Some have even outperformed Solana in certain aspects, like optimal performance. In particular, Cardano has not witnessed any major network outage since its launch in 2017. The team behind Cardano is focused on technological advancement, which has seen Cardano rank ahead of other crypto projects in terms of development activity.
Meanwhile, most altcoins in the list, including Toncoin and Near Protocol, have witnessed more gains than Solana this year. Data from CryptoRank shows that the prices of NEAR and TON have surged 218.2% and 106.9% YTD, respectively, compared to SOL’s 69.6%.
Nonetheless, SOL ranks among the top 5 crypto assets, with a market cap of $79.84 billion. Of the eight Solana Killers Altcoin Daily mentioned, Toncoin is the closest to Solana in terms of valuation. TON boasts a market cap of $17.89 billion, sitting as the ninth-biggest cryptocurrency.
Cardano follows TON closely as the 10th-biggest asset with a market cap of $16.5 billion. It remains to be seen whether these cryptos could eventually threaten Solana’s dominance and outperform the asset in the long term.