- In terms of network activity, Solana dominated Ethereum.
- The weekly chart of SOL remains green but the trend could change soon.
Solana [SOL] Blockchain has been getting a lot of attention lately due to the launch of multiple meme coins on it. But there is a lot more happening on blockchain and with key metrics trending upwards, things are looking pretty optimistic.
Solana is growing
AMBCrypto report Previously, Solana’s increased trading volume was attributed to the launch of several meme coins such as Dogewifhat. [WIF]BONK, etc.
Moreover, blockchain performance in the DeFi space has been commendable, as evidenced by Solana’s TVL recently reaching an all-time high.
In addition, Token Terminal has recently Tweet It also highlighted another achievement: SOL rates are trending upwards, according to the tweet.
In fact, taking into account the most recent data, SOL fees were quite close to those of Ethereum. [ETH]AMBCrypto Analysis of Artemis data Similar trends were observed in revenues from both blockchains.
Source: Artemis
Solana’s fees and revenues are closing in on Ethereum, but SOL is already significantly ahead of ETH in terms of network activity.
Solana’s number of daily active addresses and number of daily transactions are both significantly higher than Ethereum, reflecting its popularity and high adoption rate.
Nonetheless, Ethereum continues to lead the DeFi space as its TVL was much higher than its SOL.
Source: Artemis
SOL bulls are not letting go
Amidst all this, SOL bulls rejected the decision to retreat as the token’s weekly price movement remained positive in a slightly bearish market.
according to CoinMarketCapAt the time of writing, the token is trading at $167.45, giving it a market cap of over $76.9 billion.
Thanks to the bullish price movement, Solana’s weighted sentiment remained high, meaning that bullish sentiment towards the token prevailed in the market.
Additionally, social volume remains high, reflecting its popularity in the cryptocurrency space.
Source: Santiment
AMBCrypto then analyzed the token’s daily chart to get a better understanding of whether this bullish price movement will continue further. According to our analysis, the positive price movement is likely not to continue as the Relative Strength Index (RSI) is trending sideways.
read Solana [SOL] Price Prediction 2024-25
Additionally, the token’s Money Flow Index (MFI) recorded a steep drop, further signaling a drop in price.
Nonetheless, SOL was just above the 20-day simple moving average (SMA), which typically acts as support.
Source: TradingView
