Solana Outperforms Ethereum in Daily Fees while Chart Indicates Upward Trend in SOL Prices

Solana (SOL) continues to astound cryptocurrency enthusiasts with its recent advancements, particularly in surpassing its rival Ethereum in various key metrics. In its latest impressive feat, the Solana blockchain has exceeded Ethereum (ETH) in terms of daily network fee generation.
Based on data from the on-chain DefiLlama platform, the Solana network has generated over $2.54 million in fees in the past 24 hours alone, surpassing the $2.07 million generated by the Ethereum blockchain on October 28th. This achievement solidifies Solana’s position as the fifth-largest fee-generating protocol in the industry.
The significant increase in Solana’s fees can be attributed to the growing trading activity on its main decentralized exchange (DEX), Raydium. Raydium alone has generated over $3.41 million in fees on Solana in the last day.
The current price action of the Solana cryptocurrency indicates a continuation of its upward trend, according to an analysis shared by the expert melikatrader94 on TradingView. The expert suggests that the chart displays a classic Elliott Wave formation, with an initial impulsive five-wave move followed by a three-wave corrective pattern. This pattern suggests the beginning of a new bullish cycle, with waves 1, 2, and 3 already formed and wave 4 currently in progress. The analysis predicts a final upward move in wave 5, potentially reaching the 0.618 extension level around the $680 zone.
The chart also indicates bullish continuation signs, such as higher highs and higher lows, which confirm the uptrend. The expert emphasizes the importance of the price holding above key support levels to strengthen the bullish outlook. However, breaking below the wave 4 support zone could invalidate the expected bullish wave 5 target and lead to a possible deeper correction.
At the time of publication, Solana was priced at $174.28, reflecting a 1.2% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.