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Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?
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Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Solana SOL Ethereum

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Solana (SOL), the fourth-generation blockchain, has staged a remarkable comeback, looking at on-chain metrics. Citing Artemis data, Step Data Insights on X noted that Solana’s daily active wallets flipped Ethereum’s, the pioneer smart contract platform. This development is when SOL prices have been ripping past resistance levels in the past few months.

Solana’s Resurgence Continues, Daily Active Wallets Flips Ethereum

According to Step Data Insights, Solana’s daily active wallets currently hover at around 400,000, slightly edging past Ethereum’s. This spike in activity suggests that Solana is attracting a growing user base, and more people are keen to explore its ecosystems, comprising DeFi, NFTs, and other protocols. 

Solana daily active wallets | Source: Artemis via Step Data Insights
Solana daily active wallets | Source: Artemis via Step Data Insights

Additional data from Artemis shows that Solana also eclipses Ethereum in the number of daily transactions. Although Ethereum leads in DeFi total value locked (TVL), Solana’s low fee and scalable environment could explain why users opt for this high-performance network.

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Overall, the Solana recovery could triggered by recent favorable price action in Q4 2023. To quantify, Step Data Insights notes that SOL has risen by over 210% in the past three months. During this time, ETH’s gains have capped. 

The analytic platform states that the coin only rose by 39%. To illustrate, in the last three months, SOL rose from around $17 to peak at approximately $70. Meanwhile, ETH expanded from roughly $1,500 to peak at about $2,300, recorded on December 6.

This recovery points to increasing investor confidence. However, time will tell whether SOL will extend gains in the sessions. From the daily chart, prices have been moving horizontally for the better part of H2 November to early December 2023. 

Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView
Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

The immediate resistance line is at $70. With the SOL moving inside a bull flag, any upswing above November 2023 highs will be the building block for a possible leg-up that will lift SOL to April 2022 highs of $140.

Spot Bitcoin ETF Hopes, Firedancer Lifting Solana

Altcoins, including Solana, have been racing higher as the crypto market recovers. Following a court ruling, SOL is relatively firm despite the FTX estate being permitted to liquidate the coin in the secondary markets to repay creditors. 

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Solana-Powered Helium (HNT) Spikes By 145%, Analyzing The Drivers Of The Surge

1 year ago

Hopes of the Securities and Exchange Commission (SEC) approving the first Bitcoin ETF have also benefited Solana. However, the recent release of Firedancer, a validator client developed by Jump Crypto, on testnet has supported SOL. 

The client will make the network more resilient and performant. Firedancer will go live in the H1 2024. Once it goes live, the new client is expected to improve Solana’s reliability. 

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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