U.Today - Solana (SOL), currently ranked the fourth-largest cryptocurrency by market capitalization, beating Ethereum (ETH) regarding daily network fees. Notably, Solana is experiencing a surge in activity, potentially setting the stage for a substantial price increase.
Solana flips Ethereum in daily network fees
Data from DeFiLlama shows that Solana has flipped Ethereum in daily network fees over the past 24 hours.According to DeFiLlama, Solana’s daily network fees have soared to $11.26 million in 24 hours, while Ethereum has amassed only $6.3 million. Solana's latest performance now sets its sights on outranking Jito’s daily fees of $11.95 million.
The spike in fees highlights Solana’s growing network activity amid bullish momentum on the broader market. An analysis of Solana's chart reveals a bullish trend. The price recently climbed above the $240 threshold, with an increase in trading volume that supports the uptrend.
As covered by U.Today, some narratives exploded on the Solana blockchain in the past week. A few days ago, Solana outpaced Ethereum in terms of the 24-hour trading volume recorded across all decentralized exchanges (DEXes). Solana recorded $6.24 billion in trading volume, while Ethereum's amounted to $850 million. Also, Solana's weekly DEX trading volume surpassed Ethereum's and all of the layer-2 solutions combined.
Solana price outlook
Solana’s current market cap is $114 billion, following an 11% price rally over the past week. According to CoinMarketCap, Solana is now changing hands for $240.28, up slightly by 0.2%.Solana's year-to-date growth is 300.56%, and many see the current price trend as a potential rebound. If Solana secures current activity levels and avoids technical setbacks, the token could see an exceptional position and regain its 2021 high of $ 259.52.