Solana continues to see inflows from the Ethereum chain, SOL price sustains above $72
- Ethereum alternative Solana has noted consistent inflows from the ETH chain.
- Solana recently flipped Ethereum for NFT sales according to Cryptoslam data.
- Solana price sustained above the $72 mark, yielding nearly 14% weekly gains for holders.
Solana has captivated market participants' attention and attracted capital inflows from the Ethereum chain. SOL is making headlines for airdrops in the Solana ecosystem and the token has yielded double-digit gains for holders in the past week.
Also read: Ethereum derivatives data points at bullish start for ETH in 2024
Solana competes with Ethereum
The Total Value of assets Locked (TVL) of the Solana chain is nearly 3% of Ethereum, based on DeFiLlama data. Solana’s TVL is $912.62 million, at the time of writing. The rise in Solana’s TVL in the past six months can be attributed to new DeFi projects on the chain and the airdrops by projects in the SOL ecosystem.
Solana analyst and researcher behind the X handle @0xGumshoe notes that the SOL chain is more capital efficient than Ethereum. The analyst believes that despite Ethereum’s TVL being relatively high when compared to other chains, Solana is doing 70% of Ethereum's Decentralized Exchange (DEX) volume.
The last days have proven that TVL being a pivotal metric is a fake narrative made by Ethereum to assert dominance and hinder other protocols
— Gumshoe (@0xGumshoe) December 9, 2023
Solana is doing 70% of Ethereum's DEX volume with only ~3% of the TVL
Capital efficiency is what matters.
h/t @CraigBurel pic.twitter.com/ZMZQr1Al7N
Crypto expert Jacob Canfield identified inflows from Ethereum to Solana and threw his weight behind the Ethereum alternative.
Inflows from #Ethereum -> #Solana continue.
— Jacob Canfield (@JacobCanfield) December 9, 2023
Reminds me of the California / New York -> Texas/Florida inflows
People naturally moving to better and more affordable places.
Are the $SOL devs back @0xMert_? pic.twitter.com/qTE5EPV5La
According to data from Cryptoslam.io, Solana’s NFT sales exceeded those of Ethereum on December 9.
History has been made.@solana flips @etherum for NFT sales.https://t.co/T9HL2i0hlC pic.twitter.com/oSYbYGXCkC
— ◢ J◎e McCann (@joemccann) December 9, 2023
At the time of writing, Solana price is $72.41 and the altcoin has yielded nearly 14% weekly gains and nearly 60% gains in the past month. SOL price has sustained above $72 for the past three days.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
