Solana has outperformed Ethereum in network fees amid a surge in network usage. SOL has also formed a new high against ETH on the daily chart
has gained over 13% in the last seven days and traded at $173 at press time. The recent rally coincided with a surge in network activity and usage, as the Solana blockchain outperformed other networks, includingData from DeFiLlama shows that Solana network fees have soared past $5 million. This metric is at an all-time high and has increased five-fold since the start of the month.In comparison, Ethereum fees stood at $3.47 million at press time while revenues stood at $2.48 million.
Solana’s decentralized finance activity is also at record highs. The Total Value Locked has surged to $6.7 billion, and it is approaching a three-year high. This month alone, Solana has added more than $1 billion to its DeFi TVL.also shows that Solana’s decentralized application activity has been rising gradually this month, underscoring the blockchain’s growth.
Earlier this week, Solana’s dApp volumes surged to $341 million, the highest level in two months. The transaction count also surged to 23.55 million, the highest in over a year.Solana is not only outperforming Ethereum in network usage, but also in price performance.SOL/ETH has been trending within an ascending parallel channel. This shows that Solana has been gradually outperforming Ethereum since June.
Solana is now at the upper boundary of this channel, and if it flips this level, the uptrend could continue. The surge in activity on the Solana blockchain has renewed positive sentiment. Per Market Prophit, the crowd sentiment on SOL is bullish. At the same time, smart money sentiment is bearish, showing concerns over the sustainability of the recent price gains.Mary is a seasoned crypto news writer passionate about blockchain technology, digital assets, and Web3. She has two years of experience delivering insightful analysis and news on key developments in the industry.
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