- Solana's network fees recently reached an all-time high of more than $5 million.
- Solana is outperforming the Ethereum blockchain in fees and revenue as the SOL/ETH chart forms new highs.
Solana [SOL] It has gained more than 13% in the past seven days and is trading at $173 at the time of writing. The recent rise coincided with a spike in network activity and usage as the Solana blockchain outperformed other networks. Ethereum [ETH] In key metrics.
This growth could extend Solana's rally and potentially push it above $200.
Solana flips Ethereum on network fees
According to DeFiLlama data, Solana’s network fees have soared by more than $5 million. This indicator is at an all-time high, increasing five times since the beginning of the month.
Beyond fees, Solana's revenue has also been on the rise, reaching $2.5 million at press time.
Source: Defilama
By comparison, Ethereum had $3.47 million in fees and $2.48 million in revenue at the time of writing. This discrepancy shows that Solana is rapidly surpassing Ethereum in network usage.
Solana’s decentralized finance (DeFi) activity is also at an all-time high. Total value locked (TVL) soared to $6.7 billion, nearing a three-year high. This month alone, Solana added over $1 billion to DeFi TVL.
DeFi trading volume also increased to $2.7 billion, the highest level in two months.
Source: Defilama
dap radar This month also shows a gradual increase in decentralized application (dApp) activity on Solana, confirming blockchain growth.
Earlier this week, Solana's dApp trading volume surged to $341 million, the highest level in two months. The number of transactions also surged to 23.55 million, the highest in the past year.
Solana hits new highs against Ethereum
Solana outperforms Ethereum not only in network usage, but also in price performance. The SOL/ETH chart shows Solana making a new high against Ethereum after recently hitting $0.07.
Source: Tradingview
SOL/ETH remains in an ascending parallel channel. This shows that Solana has been gradually outperforming Ethereum since June.
read solana's book [SOL] Price prediction for 2024-2025
Solana is currently at the upper end of this channel, and a reversal of this level could continue the uptrend.
The surge in activity on the Solana blockchain has sparked renewed positive sentiment. According to Market Prophit, crowd sentiment on SOL is bullish. At the same time, smart money sentiment is bearish, indicating concerns about the sustainability of recent price increases.
(Source: Market Profit)
