Solana (SOL) Scores Major Win Over Ethereum: Details

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As a seasoned researcher with a knack for deciphering crypto trends and a soft spot for underdog stories, I find Solana’s recent surge quite intriguing. Having closely followed the crypto market since its inception, I’ve witnessed the rise and fall of numerous contenders. Yet, Solana’s meteoric rise against Ethereum, the long-standing giant, is a spectacle worth noting.

Currently, Solana (SOL) ranks as the fourth largest cryptocurrency in terms of market capitalization, outpacing Ethereum (ETH) when it comes to daily transaction fees. What’s more, Solana has seen a significant uptick in activity, which could pave the way for a significant price rise.

Solana flips Ethereum in daily network fees

According to DeFiLlama’s data, Solana surpassed Ethereum in terms of daily transaction fees for the last 24 hours.

Based on DeFiLlama’s report, the daily network fees on Solana reached an impressive $11.26 million in a 24-hour period, whereas Ethereum accumulated just $6.3 million. Currently, Solana is aiming to surpass Jito’s daily fees of $11.95 million with its recent performance.

The surge in transaction costs underscores the escalating activity within Solana’s network, coinciding with market-wide optimism. A closer look at Solana’s graph shows a rising bullish trend. Lately, its price has breached the $240 mark, accompanied by a rise in trading volumes that reinforces this upward trajectory.

According to U.Today’s report, there have been several notable events on the Solana blockchain in the last week. A few days ago, Solana exceeded Ethereum in daily trading volume across all decentralized exchanges (DEXes). Specifically, Solana recorded a trading volume of $6.24 billion compared to Ethereum’s $850 million. Additionally, Solana’s weekly DEX trading volume surpassed both Ethereum’s and the combined volume of all layer-2 solutions.

Solana price outlook

Currently, Solana’s total value in the market stands at approximately $114 billion, a rise of around 11% over the last seven days. As per CoinMarketCap, the latest trading price for Solana is about $240.28, representing a minor increase of 0.2%.

So far this year, Solana has grown by an impressive 300.56%. Many people believe that its current price trend indicates a possible recovery. If Solana can maintain its current activity levels and avoid technical difficulties, it could reach a remarkable position and potentially return to its high of $259.52 from 2021.

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2024-11-20 19:09