Time to Place Bets On SOL? Solana Outpaces Ethereum in these Metrics

Key Insights

• The number of daily active addresses on SOL has passed 400,000, beating Ethereum.
• Weekly NFT volume has surged by 77% to $45 million, and the NFT index is at a 90-day high.
• Solana's DEX liquidity is exploding, indicating increased user adoption.
• Solana's price has also outperformed Ethereum significantly, by 201%: 39%.

Solana has been one of the best-performing cryptocurrencies this quarter, after a particularly disappointing 2022.

Solana completely dominated October and most of December, emerging as a market leader for months on end.

However, SOL is now facing a bit of a correction from a medium-term perspective, after failing to hit $70.

But what if there were already signs that an incoming SOL rally is here already?

Let's take a look at some.

Solana's User Base Is Growing Strongly

One of the key metrics that shows how popular and widely used a blockchain is, is the number of daily active addresses.

By accounting for this metric, we can figure out how many unique addresses are transacting on the network on a daily basis.

According to a recent tweet from Step Data Insights, the number of daily active addresses on the SOL network has hit around 400,000 on average and is beating Ethereum's significantly.

This is remarkable, considering how far ahead Ethereum is in terms of Defi and NFTs

NFT Metrics Skyrocket

Another sign of complete health on the SOL network is the NFT metrics.

According to further tweets from Step Data Insights, the Solana data tracker noted that the network's weekly NFT volume has skyrocketed by an impressive 77% to $45 million.

Another tweet notes that the NFT index on the network has also exploded to a 90-day high.

This is without mentioning the exploding DEX liquidity on the network, as outlined by another tweet.

Solana's Price Has Been Way More Impressive Than Ethereum's

These impressive metrics on Sonala in terms of users and NFTs may have also been due to its impressive price growth in the final quarter of 2023.

The year still has more than 20 days to go before the new year but has already risen by 201%.

This is a massive step up, considering how Ethereum has only made a surge of about 39% during the same timeframe.

In the 4^th quarter alone, SOL rose from about $18 to nearly $70, while ETH expanded from roughly $1,500 to about $2,300.

This plethora of bullish signals on Solana only goes to show increasing investor sentiment in its potential and future.

However, time will tell whether SOL can perform even better, come 2024.

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