Solana’s Resurgence Continues, Daily Active Wallets Flip Ethereum
Solana (SOL), the fourth-generation blockchain, is making waves in the crypto world. According to Step Data Insights, Solana’s daily active wallets have surpassed Ethereum’s, the pioneer smart contract platform. This is a significant development considering SOL’s recent price surge and its ability to break through resistance levels.
Solana’s daily active wallets currently hover around 400,000, slightly edging past Ethereum’s. This increase in activity indicates that more users are flocking to Solana and exploring its various ecosystems, including DeFi, NFTs, and other protocols. Solana also outshines Ethereum in terms of daily transactions, as reported by Artemis. While Ethereum leads in DeFi total value locked (TVL), Solana’s low fees and scalable environment make it an attractive choice for users seeking high-performance networks.
The Solana recovery can be attributed to its favorable price action in Q4 2023. According to Step Data Insights, SOL has risen by over 210% in the past three months, while ETH’s gains have been capped at 39%. This impressive growth has boosted investor confidence in Solana.
However, it remains to be seen whether SOL will continue to gain momentum. Looking at the daily chart, prices have been moving sideways since H2 November to early December 2023. The immediate resistance line is at $70, and if SOL breaks above the November 2023 highs, it could pave the way for a potential surge to April 2022 highs of $140.
Spot Bitcoin ETF Hopes, Firedancer Lifting Solana
As the crypto market recovers, altcoins like Solana are experiencing a surge in value. Despite the FTX estate being allowed to liquidate SOL in secondary markets to repay creditors, SOL remains relatively stable. Additionally, hopes of the SEC approving the first Bitcoin ETF have also had a positive impact on Solana’s performance.
Furthermore, the recent release of Firedancer, a validator client developed by Jump Crypto, on the testnet has provided support for SOL. This new client is expected to enhance Solana’s reliability and will go live in H1 2024.
In conclusion, Solana’s resurgence is evident in its daily active wallets surpassing Ethereum’s and its impressive price performance. With the potential for further growth and the development of new technologies like Firedancer, Solana is positioning itself as a strong contender in the crypto market.
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