- Ethereum alternative Solana has noted consistent inflows from the ETH chain.
- Solana recently flipped Ethereum for NFT sales according to Cryptoslam data.
- Solana price sustained above the $72 mark, yielding nearly 14% weekly gains for holders.
Solana has captivated market participants' attention and attracted capital inflows from the Ethereum chain. SOL is making headlines for airdrops in the Solana ecosystem and the token has yielded double-digit gains for holders in the past week.
Also read: Ethereum derivatives data points at bullish start for ETH in 2024
Solana competes with Ethereum
The Total Value of assets Locked (TVL) of the Solana chain is nearly 3% of Ethereum, based on DeFiLlama data. Solana’s TVL is $912.62 million, at the time of writing. The rise in Solana’s TVL in the past six months can be attributed to new DeFi projects on the chain and the airdrops by projects in the SOL ecosystem.
Solana analyst and researcher behind the X handle @0xGumshoe notes that the SOL chain is more capital efficient than Ethereum. The analyst believes that despite Ethereum’s TVL being relatively high when compared to other chains, Solana is doing 70% of Ethereum's Decentralized Exchange (DEX) volume.
The last days have proven that TVL being a pivotal metric is a fake narrative made by Ethereum to assert dominance and hinder other protocols
— Gumshoe (@0xGumshoe) December 9, 2023
Solana is doing 70% of Ethereum's DEX volume with only ~3% of the TVL
Capital efficiency is what matters.
h/t @CraigBurel pic.twitter.com/ZMZQr1Al7N
Crypto expert Jacob Canfield identified inflows from Ethereum to Solana and threw his weight behind the Ethereum alternative.
Inflows from #Ethereum -> #Solana continue.
— Jacob Canfield (@JacobCanfield) December 9, 2023
Reminds me of the California / New York -> Texas/Florida inflows
People naturally moving to better and more affordable places.
Are the $SOL devs back @0xMert_? pic.twitter.com/qTE5EPV5La
According to data from Cryptoslam.io, Solana’s NFT sales exceeded those of Ethereum on December 9.
History has been made.@solana flips @etherum for NFT sales.https://t.co/T9HL2i0hlC pic.twitter.com/oSYbYGXCkC
— ◢ J◎e McCann (@joemccann) December 9, 2023
At the time of writing, Solana price is $72.41 and the altcoin has yielded nearly 14% weekly gains and nearly 60% gains in the past month. SOL price has sustained above $72 for the past three days.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.