Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?
December 06 2023 - 8:00PM
NEWSBTC
Solana (SOL), the fourth-generation blockchain, has staged a
remarkable comeback, looking at on-chain metrics. Citing Artemis
data, Step Data Insights on X noted that Solana’s daily active
wallets flipped Ethereum’s, the pioneer smart contract platform.
This development is when SOL prices have been ripping past
resistance levels in the past few months. Solana’s Resurgence
Continues, Daily Active Wallets Flips Ethereum According
to Step Data Insights, Solana’s daily active wallets currently
hover at around 400,000, slightly edging past Ethereum’s. This
spike in activity suggests that Solana is attracting a growing user
base, and more people are keen to explore its ecosystems,
comprising DeFi, NFTs, and other protocols. Additional data
from Artemis shows that Solana also eclipses Ethereum in
the number of daily transactions. Although Ethereum leads in DeFi
total value locked (TVL), Solana’s low fee and scalable environment
could explain why users opt for this high-performance network.
Related Reading: Tether (USDT) Cap Approaches $90 Billion: Why This
Affects Bitcoin Overall, the Solana recovery could triggered by
recent favorable price action in Q4 2023. To quantify, Step Data
Insights notes that SOL has risen by over 210% in the
past three months. During this time, ETH’s gains have capped.
The analytic platform states that the coin only rose by 39%. To
illustrate, in the last three months, SOL rose from around $17 to
peak at approximately $70. Meanwhile, ETH expanded from roughly
$1,500 to peak at about $2,300, recorded on December 6. This
recovery points to increasing investor confidence. However, time
will tell whether SOL will extend gains in the sessions. From the
daily chart, prices have been moving horizontally for the better
part of H2 November to early December 2023. The immediate
resistance line is at $70. With the SOL moving inside a bull flag,
any upswing above November 2023 highs will be the building block
for a possible leg-up that will lift SOL to April 2022 highs of
$140. Spot Bitcoin ETF Hopes, Firedancer Lifting Solana Altcoins,
including Solana, have been racing higher as the crypto market
recovers. Following a court ruling, SOL is relatively firm despite
the FTX estate being permitted to liquidate the coin in the
secondary markets to repay creditors. Related Reading:
Solana-Powered Helium (HNT) Spikes By 145%, Analyzing The Drivers
Of The Surge Hopes of the Securities and Exchange Commission (SEC)
approving the first Bitcoin ETF have also benefited Solana.
However, the recent release of Firedancer, a validator client
developed by Jump Crypto, on testnet has supported SOL. The
client will make the network more resilient and performant.
Firedancer will go live in the H1 2024. Once it goes live, the new
client is expected to improve Solana’s reliability. Feature
image from Canva, chart from TradingView
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