Solana Outpaces Top Cryptocurrencies, Setting New Highs Against Ethereum

• Solana posted a 14.85% weekly gain, outperforming Bitcoin, Ethereum, and other top cryptocurrencies.
• Solana’s ETH pairing hit an all-time high, with seven consecutive days of gains against Ethereum since October 18.
• Solana surpassed Ethereum in 24-hour DEX volume, recording double Ethereum’s trading activity amid growing network demand.

Solana (SOL), the fifth-largest cryptocurrency by market capitalization, has experienced a remarkable surge in price. Since October 22, the digital asset has seen three consecutive days of gains. As of now, Solana is up 4.61% in the last 24 hours, reaching $173.75, and has posted a 14.85% increase over the week. This performance outpaces its rivals in the top 10 cryptocurrency rankings, with Solana outperforming Bitcoin, XRP, BNB, Dogecoin, and TRON, which posted gains between 1% and 3%.

Solana leads despite market volatility

While most top cryptocurrencies experienced minor fluctuations or losses, Solana stands out as a strong performer. Ethereum, for example, saw a decline of 1.99%, settling at $2,528 after reaching a two-month high of $2,750 just a few days earlier. Bitcoin also posted a small 0.55% weekly loss. However, Solana’s price increase contrasts with the general market trend, proving its resilience during periods of volatility.

Solana has been outperforming Ethereum on several fronts, particularly in its ETH pairing. Since October 18, SOL has posted seven consecutive days of gains against Ethereum. This rally pushed SOL to reach new all-time highs against the rival layer-1 network, with the SOLETH ratio hitting 0.0692. Solana now surpasses the levels it achieved in August and is cementing its position as a dominant player in the market.

Surpassing Ethereum in DEX volume

Besides price gains, Solana has also outperformed Ethereum in decentralized exchange (DEX) volume. Solana’s DEX activity recorded double the volume of Ethereum in 24 hours, as reported by Solana Floor. This surge in activity highlights the growing demand for Solana, driven partly by its lower transaction costs and increased activity within its ecosystem. While Ethereum’s high fees may be deterring some investors, Solana’s efficient network continues to attract users, boosting its market dominance.

However, Solana’s rapid growth is not without its challenges. The Solana network’s daily priority fees reached an all-time high of 24,675 SOL. This increase in fees is primarily due to the rise in meme coin trading on the platform, which recommends higher fees for faster transactions. Despite this, Solana remains well-positioned for further growth, showing no signs of slowing down.