   
Solana (SOL), the fifth largest cryptocurrency by market capitalization, has set a new record against rival layer 1 network Ethereum, thanks to a new boom in Solana network activity.
Solana enthusiasts have long predicted that SOL would overtake Ether in market capitalization. That hasn't happened yet, but rising prices suggest it's not impossible.
Solana leads Ethereum
Ethereum killer Solana has shown impressive performance in recent months. Solana has consistently ranked among the top weekly gainers, while Ether has been mostly flat.
SOL/ETH trading pair surges to new highs on the app, according to TradingView dataRoximately 0.06995 ETH on Wednesday.
At the time of writing, SOL was trading at $176.44, up 5.8% in the past 24 hours. Solana was the best-performing asset among the top 10 over the past week, rising 15.7%, while Ether fell 3%.
 Despite Ether's market capitalization of approximately $302 billion, significantly higher than SOL's $82 billion, recent changes have raised concerns about Ether's potential to usurp the pioneering smart contract platform in the near future. There is a lot of speculation.
open interest spike
Continue Due to this development, open interest in the SOL futures market is on the decline. Open interest has surged to more than 19 million SOL ($3.43 billion), according to Coinglass data.n – Highest notional amount since early 2023.
Open interest refers to the total amount of outstanding futures bets or amounts allocated to open futures contracts. This is one of the best ways to determine if fresh cash is coming into the market.
The consistent growth in OI may be related to SOL's price recovery, which means that traders are increasingly engaging in speculative activities related to this asset.
“The truth is, ETH may never reach all-time highs again,” said widely followed trader Jack.
“SOL is actually doing something that I never thought was possible, which is replacing the entire network and taking all the users with it.”
If open interest continues to rise, SOL's price may continue to rise. If this happens, it will not be difficult for the cryptocurrency to regain $185. This is because as the price rises, funds allocated to the contract surge, reinforcing the bullish uptrend.
