Solana (SOL) has recently surpassed Ethereum (ETH) for the first time in a significant metric, highlighting the positive trends recently observed in the network and its associated token.
The popular altcoin Solana achieved over 1.5 billion dollars in revenue, while Ethereum followed with approximately 1.1 billion dollars. Solana also showed a positive weekly change of over 54%. However, according to the latest data, Ethereum reclaimed the top spot with a volume exceeding 1.3 billion dollars, with Solana in second place, surpassing 1 billion dollars in volume. Notably, at the time of writing, these two networks were the only ones with volumes over 1 billion dollars.
A closer examination of Solana’s daily volume chart shows a consistent upward trend in recent weeks. This movement marks the first sustainable increase in daily volume for the network. Since November, daily volumes have consistently exceeded 300 million dollars, with a significant increase in December. On December 15th, Solana reached its all-time high daily volume, surpassing 1.2 billion dollars. The second-highest volume, exceeding 816 million dollars, occurred around December 8th.
This emerging trend in daily volume positions Solana as a formidable competitor for the highest volume. Additionally, the total value locked (TVL) has also experienced a significant increase alongside the volume. A closer analysis of the TVL reveals that, according to the latest data, it has now surpassed 1 billion dollars. This is a considerable jump from the roughly 672 million dollars observed at the beginning of the month.
Consequently, there has been an increase of approximately 400 million dollars in the last two weeks. In recent weeks, Solana has shown remarkable trends by reclaiming price levels not seen in over a year. Despite some setbacks in the past few days, it has continued to maintain a consistent price range around 70 dollars. At the time of writing, the daily timeline graph showed a trading value of around 72 dollars. Moreover, the relative strength index (RSI) indicated the continuation of the upward trend, with the RSI being above 60 at the time of writing.
