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solana struggles to maintain momentum against bitcoin and ethereum in 2024

Solana (SOL) has emerged as a strong competitor in the cryptocurrency market, challenging established giants like Bitcoin (BTC) and Ethereum (ETH).

The Concerns

Recent trends have raised concerns about Solana's long-term viability. On-chain data analysis reveals that Solana's performance has stagnated while Bitcoin and Ethereum have seen upward trajectories.

The decline in capital inflows into Solana and the uncertainty surrounding its role in the crypto ecosystem have contributed to its struggles.

The Price Stagnation

Solana's price has remained stagnant around $221, reinforcing the perception that it is struggling to compete with Bitcoin and Ethereum.

The Future of Solana

The future of Solana will depend on its ability to attract capital and strengthen its position in the crypto market.

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