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Reading: Solana Fees Hit ATH: Will SOL Surpass Ethereum Again?
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Kriptoteka > Market > DEX > Solana Fees Hit ATH: Will SOL Surpass Ethereum Again?
DEX

Solana Fees Hit ATH: Will SOL Surpass Ethereum Again?

marcel.mihalic@gmail.com
Last updated: October 25, 2024 7:24 pm
By marcel.mihalic@gmail.com 3 Min Read
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  • The fees on the Solana network have hit a record high, exceeding $5 million.
  • Solana is leading the Ethereum blockchain in terms of fees and revenues, with the SOL/ETH chart reaching new heights.

Solana [SOL] has increased by over 13% in the past week and was trading at $173 at the time of this report. This recent surge aligns with a boost in network activity and usage, as Solana outshines other networks, including Ethereum [ETH] in important metrics. 

This upward trend has put Solana on a trajectory to potentially escalate its rally and break past the $200 mark. 

Solana overtakes Ethereum in network fees

According to DeFiLlama, Solana network fees have skyrocketed to over $5 million, a figure that marks a historical peak and has increased five times since the start of the month. 

In addition to the fees, Solana’s revenues have also seen significant growth, reaching $2.5 million at the time of this publication. 

Source: DeFiLlama

In contrast, Ethereum’s fees were reported at $3.47 million, with revenues at $2.48 million. This gap indicates that Solana is quickly surpassing Ethereum in network utilization. 

The decentralized finance (DeFi) sector on Solana is also experiencing record activity, with Total Value Locked (TVL) rising to $6.7 billion, nearing a three-year peak. Just this month, Solana has added over $1 billion to its DeFi TVL. 

DeFi transaction volumes have surged to $2.7 billion, marking the highest level in the past two months. 

Source: DeFiLlama

DappRadar indicates that activity on Solana’s decentralized applications (dApps) has been steadily increasing this month, highlighting the network’s growth. 

Earlier this week, Solana’s dApp volumes reached $341 million, the highest in two months, while transaction counts climbed to 23.55 million, the highest in over a year. 

Solana achieves a new high against Ethereum

Solana has not only excelled Ethereum in network activity but also in price trends. The SOL/ETH chart indicates that Solana reached a new peak against Ethereum at $0.07. 

Source: Tradingview

The SOL/ETH pair is trending within an ascending parallel channel, indicating that Solana has been steadily outperforming Ethereum since June.


Read Solana’s [SOL] Price Forecast 2024–2025


Solana is currently positioned at the upper boundary of this channel. Should it maintain this level, further upward momentum could follow. 

The increased activity on the Solana blockchain has reignited positive sentiment. According to Market Prophit, public sentiment towards SOL remains bullish. However, smart money sentiment is bearish, indicating concerns regarding the longevity of recent price increases. 

(Source: Market Prophit)

Next: Raydium surges 50% in a week: What’s driving the DEX’s rally?

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