- Solana dominated Ethereum by way of community exercise.
- SOL’s weekly chart remained inexperienced, however the pattern would possibly change quickly.
Solana [SOL] has been gaining a lot traction within the current previous due to a number of memecoin launches on the blockchain. However there was extra happening with the blockchain, as a key metric has been on an rising pattern, which appeared fairly optimistic.
Solana is rising
AMBCrypto reported earlier how Solana’s quantity was rising, which will be attributed to a number of memecoin launches equivalent to Dogewifhat [WIF], BONK, and so on.
Moreover, the blockchain’s efficiency within the DeFi house was commendable. This was the case as Solana’s TVL not too long ago reached an all-time excessive.
On prime of that, Token Terminal not too long ago posted a tweet that highlighted yet one more achievement. As per the tweet, SOL’s charges have been on the rise.
Actually, if the most recent knowledge is to be thought of, SOL’s charges have been fairly near these of Ethereum [ETH]. AMBCrypto’s evaluation of Artemis’ data revealed {that a} related pattern was additionally famous by way of each blockchains’ income.
![Solana's fees and revenue were increasing](https://ambcrypto.com/wp-content/uploads/2024/05/Screenshot-2024-05-31-at-4.15.14%E2%80%AFPM.png)
![Solana's fees and revenue were increasing](https://ambcrypto.com/wp-content/uploads/2024/05/Screenshot-2024-05-31-at-4.15.14%E2%80%AFPM.png)
Supply: Artemis
Whereas Solana’s charges and income have been closing in on these of Ethereum, SOL has already been dominating ETH by a considerable margin by way of community exercise.
Each Solana’s every day energetic addresses and every day transactions have been significantly larger than Ethereum’s, reflecting SOL’s reputation and excessive adoption.
Nonetheless, Ethereum continued to guide within the DeFi house, as its TVL was a lot larger than SOL’s.
![Solana dominated Ethereum in terms of network activity](https://ambcrypto.com/wp-content/uploads/2024/05/Screenshot-2024-05-31-at-4.19.30%E2%80%AFPM.png)
![Solana dominated Ethereum in terms of network activity](https://ambcrypto.com/wp-content/uploads/2024/05/Screenshot-2024-05-31-at-4.19.30%E2%80%AFPM.png)
Supply: Artemis
SOL bulls are usually not letting go
Amidst all this, SOL bulls rejected the choice to step down because the token’s weekly value motion remained optimistic within the considerably bearish market.
In keeping with CoinMarketCap, on the time of writing, the token was buying and selling at $167.45 with a market capitalization of over $76.9 billion.
Because of the bullish value motion, Solana’s weighted sentiment remained excessive. This meant that bullish sentiment across the token was dominant available in the market.
Moreover, its social quantity additionally remained excessive, reflecting its reputation within the crypto house.
![](https://ambcrypto.com/wp-content/uploads/2024/05/Solana-SOL-16.24.41-31-May-2024.png)
![](https://ambcrypto.com/wp-content/uploads/2024/05/Solana-SOL-16.24.41-31-May-2024.png)
Supply: Santiment
AMBCrypto then analyzed the token’s every day chart to raised perceive whether or not this bullish value motion would proceed additional. As per our evaluation, the optimistic value motion won’t final as its Relative Power Index (RSI) took a sideways path.
Learn Solana’s [SOL] Value Prediction 2024-25
Furthermore, the token’s Cash Move Index (MFI) registered a pointy downtick, additional hinting at a value drop.
Nonetheless, SOL was sitting proper above its 20-day Easy Transferring Common (SMA), which usually acts as a assist.
![](https://ambcrypto.com/wp-content/uploads/2024/05/SOLUSD_2024-05-31_16-36-13.png)
![](https://ambcrypto.com/wp-content/uploads/2024/05/SOLUSD_2024-05-31_16-36-13.png)
Supply: TradingView