Solana Surpasses Ethereum in Key Metric
Solana (SOL) has recently exceeded Ethereum (ETH) for the first time in a significant metric, underscoring positive trends in the network and its associated token.
Revenue and Weekly Change
The popular altcoin Solana achieved over $1.5 billion in revenue, surpassing Ethereum’s approximately $1.1 billion. Solana also exhibited a positive weekly change of over 54%. However, the latest data shows Ethereum reclaiming the top spot with a volume exceeding $1.3 billion, while Solana follows in second place with over $1 billion in volume. At the time of writing, these two networks were the only ones with volumes over $1 billion.
Solana’s Daily Volume Trend
A closer examination of Solana’s daily volume chart reveals a consistent upward trend in recent weeks. This movement marks the first sustainable increase in daily volume for the network. Since November, daily volumes have consistently exceeded $300 million, with a significant increase in December. On December 15th, Solana reached its all-time high daily volume, surpassing $1.2 billion. The second-highest volume, exceeding $816 million, occurred around December 8th.
Competing for Highest Volume and TVL Increase
This emerging trend in daily volume positions Solana as a formidable competitor for the highest volume. Additionally, the Total Value Locked (TVL) has also experienced a significant increase alongside the volume. According to the latest data, TVL has now surpassed $1 billion, a considerable jump from the roughly $672 million observed at the beginning of the month.
Consequently, there has been an increase of approximately $400 million in the last two weeks. Solana has demonstrated remarkable trends by reclaiming price levels not seen in over a year. Despite some setbacks in the past few days, it has continued to maintain a consistent price range around $70. At the time of writing, the daily timeline graph showed a trading value of around $72. Moreover, the Relative Strength Index (RSI) indicated the continuation of the upward trend, with the RSI being above 60 at the time of writing.