Solana Achieves The Unthinkable Against Ethereum

The price of Solana (SOL) is experiencing a spectacular rise, reaching $214 this Sunday, its highest level since December 2021. This exceptional performance represents a dizzying increase of 2,500% since its historical low post-FTX, driven by market optimism in the crypto space and the technical advancements of the network.

A dizzying ascent driven by market optimism

Solana reached a new peak of $214 this Sunday on major exchanges before stabilizing around $210. This performance comes at a particularly favorable time for the entire crypto market, especially boosted by the recent U.S. elections.

The numbers speak for themselves: SOL shows a 5% increase in the last 24 hours and an impressive 29% rise in the past week. For the month, the performance reaches 44%, according to CoinGecko data, confirming the strength of this upward trend.

This resurgence is all the more remarkable as Solana had hit a critical low of $8.30 at the end of 2022, following the collapse of FTX and the close ties the project had with Sam Bankman-Fried.

Solana now surpasses Ethereum on several key metrics

A recent report from the hedge fund Syncracy Capital reveals that Solana has surpassed Ethereum on major economic indicators as of October 2024. The real economic value (REV) of Solana now represents 111% of that of Ethereum, compared to just 1% the previous year.

This performance is mainly attributed to the surge in activity on the Solana network, particularly in the memecoins sector and Decentralized Applications. The Total Value Locked (TVL) has reached a two-year high, surpassing 42 million SOL by the end of October.

The Solana ecosystem has also distinguished itself in the field of decentralized infrastructure protocols (DePIN), now hosting nine blockchain “unicorns,” including Helium, Render, IoNET, and Grass, reflecting the growing diversification of its use cases.

This spectacular renaissance of Solana, combined with its technological and economic performances, now positions the blockchain as a serious competitor to Ethereum. With the Firedancer upgrade planned for 2025, Solana seems well on its way to solidifying its position among the top cryptos.