CandleFocus Solana vs Ethereum: Why SOL is winning in speed, users, and adoption
2024-10-23
Author: Content Editor
Solana (SOL) has experienced a significant recovery in 2024 after a sharp decline in 2022 due to the collapse of FTX. The platform's total value locked (TVL) has rebounded to $6.20 billion, compared to $1.4 billion at the beginning of the year, while Ethereum's TVL has declined to approximately $48 billion. Solana has also outpaced Ethereum in decentralized exchange volume, with over 30% of the total DEX volume compared to Ethereum's 16%. The platform has seen significant growth in transactions and active wallets, leading to its increasing relevance in the market. The rise of meme coins on Solana has also contributed to its recent surge, although the sustainability of this trend remains uncertain. Technical analysis suggests that Solana's price could continue to rise, with targets of $195 and even $202.74. However, caution is advised due to the risks involved in cryptocurrency investments.
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