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Solana Surges to New All-Time High Against Ethereum
Solana’s SOL has reached a record high of 0.05797 against Ethereum, based on Tradingview data. This milestone comes on the heels of SOL surpassing the $200 mark for the first time since November 2021, coinciding with a surge in network activity that has broken records on the blockchain.
This price surge has propelled Solana’s market capitalization to over $91 billion, solidifying its position as the fourth-largest digital asset by market cap. At the time of this report, Solana was trading at $207, according to CryptoSlate’s data.
Solana DEX Volume
The surge in Solana’s value can be attributed to the robust activity on its network, fueled by the ongoing memecoin craze. DeFillama data shows that Solana’s decentralized exchanges (DEX) recorded a trading volume of approximately $2.8 billion in the past day, surpassing the trading volume of Ethereum-based DEX during the same period.
This is not the first time Solana’s DEX trading volume has outpaced Ethereum’s in recent months. The top three DEXs in terms of volume across all chains—Raydium, Jupiter, and Orca—are all based on Solana, collectively commanding over 40% of the market share. Data from Dex Screener also indicates that the top 35 assets by volume in the last 24 hours were memecoins on Solana.
Furthermore, Solana has exceeded all other chains in terms of daily active addresses, with over 2 million addresses interacting with the blockchain during the reporting period, according to Artemis data.
Solana Fees Remain Low
Despite the high network activity, Solana has managed to keep its network fees relatively low compared to Ethereum and its layer-2 networks using Blobs. Analyst Tom Wan from 21 Shares notes that the median gas fee on Solana is $0.0028, significantly cheaper than the $0.004 to $0.077 range seen on Ethereum’s layer-2 networks following the Dencun Upgrade integration.
While Ethereum recently implemented the Dencun upgrade to reduce transaction fees, Solana’s fees remain notably lower. Industry experts suggest that these low fees could position Solana-based projects as competitive alternatives to those on Ethereum.
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