The growth has positioned Solana on the path to extending its rally past $200.
- Solana network fees recently reached an all-time high after surpassing $5 million. Solana is outperforming the Ethereum blockchain in fees and revenues as the SOL/ETH chart formed a new high.
Solana [SOL] 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, including Ethereum [ETH] in key metrics.
This growth has positioned Solana on the path to extending its rally and potentially breaking $200.
Solana flips Ethereum in network fees
Data 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.
Besides fees, Solana revenues have also been on an upward trajectory and had reached $2.5 million at press time.
Source: DeFiLlama
In comparison, Ethereum fees stood at $3.47 million at press time while revenues stood at $2.48 million. The discrepancy shows that Solana is fast outpacing Ethereum in network usage.
Solana’s decentralized finance (DeFi) activity is also at record highs. The Total Value Locked (TVL) 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.
DeFi volumes have also increased to $2.7 billion, the highest level in two months.
Source: DeFiLlama
DappRadar also shows that Solana’s decentralized application (dApp) 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 makes a new high against Ethereum
Solana is not only outperforming Ethereum in network usage, but also in price performance. The SOL/ETH chart shows that Solana recently made a new high against Ethereum after reaching $0.07.
Source: Tradingview
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.
(Source: Market Prophit)
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