Solana Surpasses Ethereum in Liquidity and Volume
Key Takeaways
- Solana (SOL) is currently outperforming Ethereum (ETH) in terms of liquidity inflow and trading volume.
- A major investor has sold over USD 100 million worth of ETH and shifted to SOL.
- Solana’s decentralized exchanges (DEXs) are recording higher trading volumes than Ethereum.
- The growth of protocols on Solana is driving demand for the token.
- At the same time, the number of active wallets is declining – a warning sign for potential price corrections.
Solana Gaining Ground on Ethereum
Solana and Ethereum are among the largest cryptocurrencies by market capitalization. Ethereum still leads significantly with around USD 190 billion, while Solana reaches approximately USD 72 billion. Nevertheless, current market dynamics show a clear advantage for Solana: more liquidity is flowing into the network, and trading volume is rising faster than Ethereum’s.
Major Investor Bets on Solana
An institutional investor – according to data from Lookonchain, it is Galaxy Digital – recently sold USD 105.48 million worth of Ethereum. In exchange, approximately 752,240 SOL valued at USD 98.32 million were purchased. The transactions were executed via the crypto exchange Binance. This behaviour suggests growing confidence in Solana, particularly among professional market participants.
Technical Analysis Shows Strength in SOL
A look at the SOL/ETH ratio reveals that Solana is approaching a historic high against Ethereum. This means that one SOL is currently worth more ETH than ever before. A rising SOL/ETH rate indicates that investors currently view Solana as more attractive. Solana is attracting more capital – a sign of short-term strength.
Network Growth Drives Demand
A key driver of Solana’s performance is the growth within its own ecosystem. The metric “Total Value Locked” (TVL), which represents the total value of assets locked in protocols, has risen to USD 7.363 billion. This represents an average increase of 9.34% across all protocols – with the exception of Meteora, which posted losses.
Stablecoin holdings on Solana have also risen to USD 12.976 billion. This shows that users are increasingly keeping capital within the network. Notably, Solana’s decentralized exchanges have surpassed Ethereum, BSC, Base, and Arbitrum in trading volume. At USD 5.459 billion, Solana currently leads the pack.
Risks from Declining Wallet Numbers
Despite the positive developments, there are signs of a potential correction. The number of wallets holding SOL has dropped from 11.11 million to 10.83 million. This suggests that many investors are selling their holdings. If this trend continues, it could put pressure on the price and slow down growth.
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Our Assessment
Solana currently shows strong fundamentals. Rising liquidity, increasing trading volume, and the expansion of the ecosystem point to further potential. Institutional investors, in particular, appear to be gaining confidence in the network. However, the declining wallet activity should not be overlooked. It could signal an upcoming consolidation. Those who are invested in Solana or considering an investment should closely monitor developments and be prepared for short-term fluctuations.
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