As a seasoned crypto investor with a knack for spotting promising projects and trends, I must say that Solana (SOL) has caught my eye recently. Having been around since the early days of Bitcoin and witnessing the rise and fall of numerous altcoins, I can confidently say that SOL’s current performance is impressive.
Starting from this past week, Solana (SOL), the fifth-largest digital currency in terms of market value, has been making steady progress and seems poised to record its third daily increase in a row since October 22nd.
Currently as I speak, Solana is showing a rise of 4.61% within the last 24 hours, reaching $173.75. On a weekly basis, it has surged by 14.85%. It’s worth noting that Solana is significantly outshining the top 10 cryptocurrencies in terms of daily and weekly growth. In contrast, Bitcoin, XRP, BNB, Dogecoin, and TRON have seen more modest gains between 1% to 3%, while Solana has registered a 5% increase within the last 24 hours.
Among the top ten cryptocurrencies, Ethereum experienced the greatest setbacks, dropping approximately 1.99% to reach $2,528 in value for the day. Earlier, on October 21, Ethereum had peaked at a two-month high of $2,750, but then started decreasing.
In contrast to Dogecoin and Tron, which experienced gains of 14.12% and 2.22% respectively last week, the majority of the top 10 cryptocurrencies saw a decrease in value. Bitcoin and Ethereum specifically dropped by 0.55% and 2.77%, respectively. However, it was Solana that continued to take the lead.
🚨 LATEST: $SOL breaks another all-time high against Ethereum.
SOL/ETH pair is up over 5%.
— SolanaFloor (@SolanaFloor) October 23, 2024
remarkably, Solana’s value against Ethereum has been rising steadily for seven consecutive days starting from October 18.
The action has catapulted Solana (SOL) to a fresh peak versus Ethereum’s layer-1 network, surpassing the 0.064 mark first seen in August to hit 0.0692 on Tuesday, as per TradingView figures. Currently, the Solana-Ethereum ratio stands at an unprecedented $0.00687.
In the past couple of months, Ethereum (ETH) has shown resilience compared to Bitcoin, hitting its highest value in relation to BTC since then.
Solana surpasses ETH in DEX volume
According to a report from Solana Floor, Solana has outperformed Ethereum and every other blockchain chain in daily decentralized exchange (DEX) trading volume. Specifically, Solana’s DEX volume was double that of Ethereum’s within the past 24 hours.
One plausible reason for Solana outperforming Ethereum is that Ethereum’s expensive transaction fees may discourage activity on its blockchain, leading to reduced interest in ETH staking and a dampening of investor enthusiasm. This could explain the current situation.
As a researcher delving into the intricacies of the Solana network, I’ve noticed an unprecedented spike in daily priority fees, reaching an all-time high of 24,675 SOL. This surge could potentially be attributed to meme coin trading terminals, which seem to suggest elevated priority fees when facilitating trades within the platform.
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2024-10-24 17:10