Solana Up 150%, Overtakes Ethereum in Active Users

Discover how Solana’s recent market rally led to a remarkable recovery, outperforming Ethereum in active users and price gains.

Girl showing the results of Solana coin price.
Created by Kornelija Poderskytė from DailyCoin
  • Solana sees almost 150% price increase in 30 days, trading above $50.
  • Solana surpasses Ethereum in daily active users by 10%.
  • Progress in Solana’s upgrades influences market confidence and user activity.

Solana (SOL) has recently made headlines with its noteworthy performance. As a major player in the altcoin market, Solana’s movements have significant implications for the industry. Its recent surge in price and user activity, particularly overtaking Ethereum in daily active users, has attracted the attention of investors.

Solana’s Remarkable Rise: A Detailed Look

Since early October, Solana has been leading the altcoin rally with consistent gains. On Tuesday, November 14, SOL’s price skyrocketed by almost 150% over a 30-day timeframe, leading the latest crypto rally. 

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The latest surge saw Solana trade above $50 for the first time in 18 months. Currently, Solana is trading at $54.48. However, it’s not just investors that have seen renewed confidence in Solana; users are coming back too. 

On November 11, Solana’s daily active users reached an impressive milestone, overtaking Ethereum mainnet users by 10%. This surge in user activity, from around 200,000 in September to over 356,000, underscores Solana’s growing relevance in the crypto ecosystem. 

Solana’s Ecosystem Growth and Market Impact

These developments are partly attributed to Solana’s ongoing upgrades and a broader market rally. The recent progress towards the network’s Firedancer upgrade and the easing of concerns regarding the FTX bankruptcy estate’s potential impact on SOL’s market have played a crucial role. 

Additionally, the broader cryptocurrency market has shown signs of recovery, with Solana outperforming many rival digital assets.

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Solana’s ecosystem is experiencing significant growth across various sectors. The network’s total value locked in DeFi protocols, a key indicator of ecosystem health and utility, has seen a 62% increase, according to DeFiLlama

On the Flipside

  • While Solana’s progress is impressive, it’s essential to recognize Ethereum’s position. For one, Ethereum has a strong Layer 2 ecosystem. These networks, designed to enhance transaction speed and reduce costs, have attracted over 800,000 users across the top seven networks, overshadowing Solana. 
  • Furthermore, Ethereum’s broader ecosystem, including Layer 2 solutions, drives about 60 transactions per second, accounting for a significant portion of the blockchain activity. 

Why This Matters

Solana’s emergence as a formidable contender represents the broader blockchain innovation trend. 

Read more about Solana: 
Solana (SOL): The Fastest Layer One Blockchain

Read more about JP Morgan’s stance on Bitcoin ETFs: 
JP Morgan Questions Bitcoin Spot ETF Market Excitement 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.