Solana beats Ethereum while sentiment towards SOL is “skyrocketing”

Cryptocurrency Solana (SOL), often dubbed the “Ethereum killer”, reached a significant milestone recently by surpassing Ethereum in a key metric while sentiment in the cryptocurrency community towards SOL is “through the roof”.

Solana has seen more activity than the Ethereum blockchain in the last 24 hours, as noted in a recently released report. Furthermore, the rise boosted Solana to also present a trading volume higher than that of the second largest cryptocurrency on the market.

According to the survey, the last day was very busy on the Solana network, which recorded impressive numbers, presenting more active addresses than the two largest blockchains combined, Ethereum and Bitcoin, thus dominating the count in this metric.

🚨 BREAKING: @solana dominates the Daily Active Addresses count, surpassing Bitcoin and Ethereum combined. pic.twitter.com/n66GQOYafN

— SolanaFloor (@SolanaFloor) June 3, 2024

A survey shared by analysts on the Santiment platform observed the sentiment of the crypto community towards the 10 largest cryptocurrencies. The data highlighted that sentiment related to SOL is at an all-time high even as Ethereum took some of the shine from its rival in May following the approval of spot ETH exchange-traded funds.

The analysis suggested that the positive sentiment towards the SOL token is driven by investors’ belief that the cryptocurrency could repeat its bullish rally experienced in the third quarter of 2021, which drove its record price in November.

“Solana’s price performance has been a bit disappointing for traders lately, with its direct competitor, Ethereum, stealing some of its shine in the month of May. But despite this, sentiment towards Solana has been “through the roof”, with a ratio of more than 3 to 1 between optimistic and pessimistic comments. It appears there are still many who believe SOL will make another run similar to its impressive rally in Q3 2021,” the analysts wrote.

The highest price paid for Solana (SOL) was $259.96, recorded on November 6, 2021 (over 2 years). At the time of publication, the price of Solana was quoted at US$165.20, up 1.5% in the last 24 hours. Comparatively, the current price is 36.08% lower than the historical peak.

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