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HomeNewsSolana's Winning Streak: Beating Ethereum and Tron in Fees, Transactions, and More

Solana’s Winning Streak: Beating Ethereum and Tron in Fees, Transactions, and More

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  • Solana outperforms Ethereum and Tron in daily transactions and token demand, reflecting a growing interest in its ecosystem.
  • The daily analysis of SOL/USD shows a possible correction, but a bullish crossover EMAs could point towards $140.

In the Layer One (L1) blockchain sector, Solana [SOL] stands out as the only one with increases in all its metrics, according to an analysis by The Block Research confirmed by ETHNews.

While Ethereum [ETH] and Tron [TRX] showed growth in stablecoin supply, Solana experienced a similar development. This phenomenon indicates an increase in interest in the crypto market.

The growth in the supply of stablecoins on various blockchains suggests that market participants have the necessary buying capacity to drive an increase in prices.

In termsof daily transactions, commissions and demand for its tokens, Solana has managed to outperform Ethereum and Tron. This phenomenon demonstrates that market interest in SOL and the tokens on its network is on the rise, which could be partially linked to its price performance.

SOL is currently trading at $110.91, marking a 98.47% increase in the last 30 days.

 

In comparison, during the same period, the price of ETH rose by 42.67%, and TRX increased by 27.35%.

eth-trx-chart
Source: CoinmarketCap

In terms of social volume, the data showed that Ethereum and Tron failed to catch up with Solana. At the time of writing, ETH’s social volume was 25 and TRX’s was even lower, while SOL surpassed them with a figure of 30.

Solana-SOL-14.04.53-15-Feb-2024-
Source: Santiment

Social volume refers to the number of text documents or searches related to a project.

It follows that Solana has positioned itself as one of the projects with the most attraction, leaving Ethereum behind in terms of interest.

Correction precedes advancement

The role of social metrics in determining the value of cryptocurrencies is clear. For SOL, an increase in social volume could drive its price up to $120 in the near term. However, an excessive increase in this metric could indicate a temporary spike, which in turn could result in a decrease in price.

SOLUSD_2024-02-15_14-25-03
Source: TradingView

Analysis of the SOL/USD pair on the daily chart shows that the 9 (blue) and 20 (yellow) exponential moving averages (EMA) are converging. This could indicate that the short-term rise is nearing its end. If the price of SOL falls below these EMAs, it would call into question the bullish outlook previously considered.

However, if the crossover of the EMAs continues to point upwards, SOL could reach $140. Currently, the Relative Strength Index (RSI) stands at 68.35, signaling robust buying momentum.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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