Solana Beats Ethereum: Time to Ditch ETH for SOL?

• Solana and Ethereum have seen varying volumes of daily active addresses.
• ETH TVL remained ahead of SOL in considerable volume.

According to a recent report, Solana [SOL] had more activity than Ethereum [ETH] in the last 24 hours. Additionally, this increase in activity has led Solana to record higher transaction volume than Ethereum.

Data showed that Solana It’s been a busy 24 hours, with impressive numbers in some key metrics. Solana had more active addresses than Ethereum And Bitcoin united, the two largest networks.

Further analysis of the two platforms revealed a significant divergence in their active addresses over the past few days.

Comparison of Solana and Ethereum

An analysis of by Solana active addresses on its to scan revealed an interesting trend. The chart shows that over the past few weeks, the network’s lowest number of active addresses has remained above 800,000.

The chart indicated that the number of active addresses had exceeded one million at the time of writing. This suggests that the network has seen increased activity recently.

Source: Solscanner

However, the analysis of Ethereum active addresses have seen a decline in recent weeks. The chart revealed that the number of active addresses remained below 500,000 throughout the previous month.

It has gradually declined to the 400,000 range and has not exceeded this level in recent days. According to Santiment data, the number of active addresses was around 141,000 at the time of this writing.

Source: Santiment

Solana wins over Ethereum volume

Analysis of the evolution of the volumes of the two networks on ChallengeLlama showed that Ethereum has had higher volumes than Solana over the past few weeks. However, at one point, Solana’s volume surpassed that of Ethereum.

At the time of writing, Solana’s network volume was around $1.1 billion, while Ethereum’s was around $1.5 billion. This indicates that ETH volume has declined while SOL network volume has maintained its momentum.

Additionally, it is worth noting that the total value locked (TVL) of ETH remains higher than that of SOL. According to ChallengeLlamaETH’s TVL was over $65 billion, while SOL’s was around $4.8 billion.

ETH and SOL see varying uptrends

AMBCrypto analysis on Ethereum on a daily chart showed that it remained in an uptrend. The Relative Strength Index (RSI) was above 60 at the time of writing, indicating a strong trend.

However, its price has not seen any significant movement in recent days. Previously, ETH saw a daily decline of less than 1% over the past two days. At the time of writing, it was trading at around $1,877, with an increase of less than 1%.

Source: TradingView

Read Solana (SOL) Price Prediction 2024-25

Analyse of by Solana RSI showed resting on the neutral line at the time of writing. This indicates that although Solana is still in an uptrend, it is currently weak.

As of this writing, Solana is trading at around $165, with an increase of less than 1%. Like Ethereum, it has not seen any significant movements in recent days.

Source: TradingView

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