The Year Of Solana: Ethereum’s Etherscan Acquires Solscan Amid Unprecedented SOL Rally

Solana has been on an incredible run lately but it seems that the network is far from done. The most recent development is an acquisition of the official Solana explorer known as Solscan by the leading blockchain explorer in the crypto industry.

Etherscan Takes Over Solscan

The name Etherscan has become synonymous with blockchain exploration, serving large names such as Ethereum and Avalanche over the years. As it continues to expand, it has added the largest blockchain explorer on the Solana network.

On Wednesday, January 3, Etherscan took to their X (formerly Twitter) account to announce the new acquisition. It revealed that Solscan is now officially part of the Etherscan ecosystem. “With the addition of @solscanofficial to the team, we hope to continue executing on our vision of providing credibly neutral and equitable access to blockchain data.”

This acquisition comes just mere months after the blockchain explorer had to path ways with one of its biggest clients, Avalanche. The Avalanche network had, in 2023, revealed that it would stop using the Etherscan service for its official explorer.

Apparently, the crypto firm had been paying upwards of $2 million a year to Etherscan to use their technology for their Snowtrace blockchain explorer. Avalanche would eventually partner with a smaller and lesser-known service provider, but in the process would provide a cross-chain service now domiciled on the same Snowtrace website.

SOL price trending at $107 | Source: SOLUSD on Tradingview.com

Solana On The Verge Of Bigger Things

Solana is currently on the lips of every investor who is not only looking toward the recovery of the asset’s price but also the growth of tokens on the blockchain. Solana has since evolved to become the home of meme coins, beating out Ethereum for DEX volume, as well as USDT volume.

Amid this, there have been calls for the continued rise of the SOL price. One analyst PS Trade believes that the coin’s price could be headed to $1,000. According to the analysis posted on TradingView, the analyst says there could be another attempt for a breakout toward $148-$158 before the local top is in.

From there, once FTX begins to sell to pay back creditors, PS Trade expects the SOL price to fall back between $45 and $70, which they identify as a buy point. From this level, a 1,500% to 2,000% growth is expected which will push the price above $1,000.

The crypto analysis also lauded the network for its resiliency following the FTX collapse. “SOLANA has shown its resilience and dexterity of the project creators. They managed to revive a project that seemed to have drowned along with FTX,” PS Trade said.

Featured image from Coinfomania, chart from Tradingview.com

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