Solana (SOL), a new type of computer system, has made a big comeback by looking at its on-chain measurements. According to information from Artemis, Step Data Insights on X found that Solana had more active daily wallets than Ethereum, which is a popular platform for smart contracts. This development is when the prices of SOL have been going up and breaking through previous levels that were hard to surpass in the last few months.
Solana is getting popular again. The number of people using it every day has passed Ethereum.
According to Step Data Insights, Solana has about 400,000 active wallets every day, which is a little more than Ethereum. This increase in activity shows that more and more people are using Solana. They are interested in exploring its different systems like DeFi, NFTs, and other protocols.
More information from Artemis reveals that Solana has more daily transactions than Ethereum. Even though Ethereum is currently the top network for DeFi, Solana’s low fees and ability to handle lots of transactions at once may be why people are choosing to use it.
Overall, the Solana’s comeback could be caused by its recent good performance in the last few months of 2023. According to Step Data Insights, SOL has increased by more than 210% in the last three months. During this time, the amount of money made from ETH has stopped increasing.
The data system shows that the coin’s value went up by 39%. For example, in the past three months, the price of SOL went from about $17 to reach a high of around $70. At first, the price of ETH was around $1,500, but then it went up to about $2,300 on December 6th.
This recovery shows that investors are feeling more confident. But we have to wait and see if SOL will continue to go up in the future. On the daily chart, prices have been mostly staying at the same level from late November to early December 2023.
The next line where the price might stop is at $70. If the SOL keeps going up inside a bull flag, and goes higher than the highest price in November 2023, it could go up to $140, which is the highest price it was in April 2022.
Increased hope for a Bitcoin exchange-traded fund (ETF) and rising support for Solana cryptocurrency.
Other cryptocurrencies like Solana are going up as the crypto market gets better. Despite a court allowing FTX to sell the coin in the secondary markets to pay its debts, SOL remains relatively stable.
The SEC might approve the first Bitcoin ETF, which would also help Solana. Firedancer, a new validator client made by Jump Crypto, is now available on testnet and supports SOL.
The customer will improve the network to make it stronger and faster. Firedancer will start working in the first half of 2024. Once the new client starts working, it should make Solana more dependable.