Solana (SOL) continues to impress crypto enthusiasts with its recent developments, particularly in surpassing Ethereum in various key metrics. In a recent positive move, the Solana blockchain has exceeded Ethereum in terms of daily network fee generation.
According to data from on-chain DefiLlama, the Solana network has generated over $2.54 million in fees in the past 24 hours, surpassing Ethereum’s $2.07 million on October 28. This achievement makes Solana the fifth-largest fee-generating protocol in the industry.
Solana’s increasing fees are attributed to the growing trading activity on its main decentralized exchange, Raydium, which alone generated over $3.41 million in fees on Solana in the last day.
Furthermore, the current price action of the Solana cryptocurrency suggests a continuation of its upward trend. An analysis technique shared by the expert melikatrader94 on TradingView supports this thesis. The chart indicates a classic Elliott Wave formation, with an initial impulsive five-wave move followed by a three-wave corrective pattern. This suggests the start of a new bullish cycle, with waves 1, 2, and 3 already formed and wave 4 currently in progress. The analyst predicts that wave 5 could potentially reach the 0.618 extension level around the $680 zone, indicating a significant upside from the current price of the SOL token.
However, the analyst also notes that if prices break below the wave 4 support zone, the expected bullish wave 5 target may be invalidated, leading to a possible deeper correction.
As of now, Solana is priced at $174.28, showing a 1.2% increase in the last 24 hours.
Please note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.