Solana Just Reached New ATH Against Ethereum: Details

Solana Surges, Outperforming Top 10 Cryptocurrencies

Solana (SOL), the fifth largest cryptocurrency by market capitalization, has witnessed a significant rally since the beginning of the week. It is poised to secure its third consecutive day of gains since October 22.

At the time of writing, SOL has appreciated 4.61% in the last 24 hours, reaching $173.75. Its weekly gains currently stand at 14.85%. Solana notably outperforms the top 10 cryptocurrencies in both daily and weekly increases.

In comparison, Bitcoin, XRP, BNB, Dogecoin, and TRON exhibit modest gains ranging from 1% to 3% over 24 hours, while Solana's 24-hour gain stands at 5%.

Ethereum, on the other hand, has recorded the most losses among the top 10 cryptocurrencies, declining 1.99% daily to $2,528. ETH had reached a two-month high of $2,750 on October 21 before its recent decline.

With the exception of Dogecoin and TRX, most top 10 cryptocurrencies have witnessed weekly declines. Bitcoin and Ethereum have lost 0.55% and 2.77%, respectively. However, Dogecoin and Tron have posted weekly gains of 14.12% and 2.22%, respectively. Solana, nonetheless, remains the top performer.

Solana's Dominance Against Ethereum

Notably, Solana has exhibited a remarkable trajectory in its ETH pairing. It is on course to mark its seventh consecutive day of gains since October 18.

This momentum has propelled SOL to a new all-time high against its rival layer-1 network, Ethereum. According to TradingView data, SOL recently surpassed the 0.064 level initially reached in August, reaching a new high of 0.0692 on Tuesday. The SOLETH ratio currently stands at a record $0.00687.

SOL has also demonstrated resilience against Bitcoin, achieving its highest price relative to BTC in over two months.

Solana's DEX Volume Surpasses Ethereum

As reported by Solana Floor, Solana has surpassed Ethereum and all other chains in terms of 24-hour DEX volume. Solana's DEX volume is notably twice that of Ethereum.

Ethereum's high transaction costs could be deterring activity on its blockchain, potentially reducing demand for ETH staking and dampening investor sentiment. This may account for Solana's dominance over Ethereum.

Meanwhile, the Solana network's daily priority fee has surged to a new all-time high of 24,675 SOL. This increase may be attributable to meme coin trading terminals that recommend higher priority fees during trading on the platform.