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Solana (SOL), the fifth largest cryptocurrency by market capitalization, has gained traction since the week's start and is on track to mark the third consecutive day of gains since Oct. 22.
At the time of writing, SOL was up 4.61% in the last 24 hours to $173.75, and up 14.85% weekly. Solana is notably outperforming the top 10 in daily and weekly gains. Bitcoin, XRP, BNB, Dogecoin and TRON saw gains between 1% to 3% compared to Solana's 5% gain over 24 hours.
Ethereum had the most losses among the top 10 cryptocurrencies, falling 1.99% on the day to $2,528. ETH had risen to a two-month high of $2,750 on Oct. 21 before declining.
Except for Dogecoin and TRX, most of the top 10 cryptocurrencies were down weekly; Bitcoin and Ethereum fell 0.55% and 2.77%, respectively. Dogecoin and Tron were up 14.12% and 2.22%, respectively, weekly, but Solana still led the way.
Notably, Solana has been on a tear in its ETH pairing, on track to mark the seventh straight day of gains since Oct. 18.
The move has propelled SOL to a new all-time high against rival layer-1 network Ethereum, exceeding on Tuesday the 0.064 level initially touched in August to reach 0.0692, according to TradingView data. The SOLETH ratio is currently at a record $0.00687.
Tomiwabold OlajideSOL has also demonstrated relative strength against Bitcoin, reaching its highest price versus BTC in over two months.
Solana surpasses ETH in DEX volume
As reported by Solana Floor, Solana has surpassed Ethereum and all other chains in 24-hour DEX volume. Notably, Solana recorded twice Ethereum's DEX volume.
Ethereum’s high transaction costs might be disincentivizing activity on the blockchain, lowering demand for ETH staking and dampening investor optimism, which could be the most likely explanation for Solana's dominance against Ethereum.
Meanwhile, the Solana network's daily priority fee has hit a new all-time high of 24,675 SOL. This surge might have been driven by meme coin trading terminals, which recommend higher priority fees while trading on the platform.
Vladislav Sopov
Dan Burgin
Alex Dovbnya