Over the past week, Solana [SOL] has experienced a significant surge of more than 13%, currently priced at $173. This recent growth aligns with a noticeable uptick in network activity, surpassing other major networks like Ethereum [ETH] in crucial metrics.
With this momentum, Solana appears poised to extend its rally, potentially breaching the $200 mark.
Solana Surpasses Ethereum in Network Transaction Fees
According to data from DeFiLlama, Solana’s network fees have surpassed $5 million, marking an all-time high that has surged five-fold since the beginning of the month.
In addition to fees, Solana’s revenues have also seen an upward trend, reaching $2.5 million currently.
For a comparison, Ethereum’s fees were recorded at $3.47 million, with revenues at $2.48 million. This notable difference underscores Solana’s rapid acceleration in network utilization.
Moreover, Solana’s decentralized finance (DeFi) sector has witnessed remarkable growth, with the Total Value Locked (TVL) exceeding $6.7 billion, nearing a three-year peak. This month alone, Solana has seen an addition of over $1 billion to its DeFi TVL.
DeFi volumes have surged to $2.7 billion, reaching the highest level in two months.
Data from DappRadar highlights the gradual rise of Solana’s decentralized application (dApp) activity this month, emphasizing the blockchain’s expansion.
Recently, Solana’s dApp volumes hit $341 million, a peak in two months. Additionally, the transaction count escalated to 23.55 million, the highest in more than a year.
Solana Achieves New Highs in Comparison with Ethereum
Beyond excelling in network utilization, Solana has also showcased commendable performance in price growth. The SOL/ETH chart reveals that Solana recently achieved a new high against Ethereum by reaching $0.07.
The SOL/ETH pair has been trending within an ascending parallel channel, suggesting Solana’s continuous outperformance of Ethereum since June.
Currently positioned near the upper boundary of this channel, Solana could sustain the uptrend if it surpasses this level.
The surge in Solana’s blockchain activity has reignited positive sentiment. Market Prophit indicates bullish crowd sentiment towards SOL, while smart money sentiment remains bearish, indicating concerns about the sustainability of recent price surges.