Ethereum

Rally

Solana

Edge

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-impressive-rally-and-competitive-edge-over-ethereum/" data-wpel-link="internal">Solana’s Impressive Rally and Competitive Edge Over Ethereum</a> 
Solana’s price experienced an impressive 120% increase in December, but began to decline in the days following Christmas, even surpassing the market value of <a href="https://en.coin-turk.com/binance-removes-major-liquidity-pools-on-binance-liquid-swap/" data-wpel-link="internal">Binance</a>‘s <a href="https://en.coin-turk.com/binance-coin-will-the-loss-of-a-major-partner-affect-bnbs-future-latest-updates/" data-wpel-link="internal">BNB</a> token and attracting the crypto community’s attention. What were the factors that highlighted Solana during this period and attracted investors’ interest? Let’s take a look. 
<h2 class="p1" style="text-align: justify" id="pressure-on-solana-sales">Pressure on Solana Sales</h2> 
SOL faced selling pressure, causing Solana’s price to drop below $100 before stabilizing just above $101. According to TradingView data at the time of writing, SOL is trading above $106, approximately 11% below its annual high of $123 seen on December 26th. 
During this period, a 9% increase in BNB price allowed the Binance-linked token to regain its position as the fourth-largest cryptocurrency by market value. At the time of writing, BNB is trading at $319, just a few steps ahead of Solana in terms of market value. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-295485 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/sol-grafik.webp" alt="" width="959" height="428"> 
The most significant factor igniting the rally on the Solana front was the incredible surges in Solana-based memecoin projects. Between November 22 and December 22, BONK price increased by 650%, while Dogwifhat (WIF) price soared by 123,000%, capturing everyone’s attention. 
During this period, both memecoin projects saw a pullback of more than 50% after reaching all-time highs, starting their decline three days before Solana reached its annual high on December 26th. 
<h2 class="p1" style="text-align: justify" id="solana-and-ethereum-competition">Solana and Ethereum Competition</h2> 
Parallel to the significant increases in Solana’s price, there was also an uptick in trading activities within the Solana ecosystem, and for the first time, the trading volumes on SOL-based decentralized exchanges (DEXs) surpassed those of the Ethereum ecosystem. According to blockchain data analytics platform DefiLlama, Solana DEX volume continues to retract after the record, with volume dropping to $1.1 billion in the last 24 hours. During this time, Ethereum ecosystem’s DEX volume reached $2 billion. 
These developments led to a short-term 5% gain for Ethereum, prompting many investors and analysts to speculate that Ethereum may soon outperform its rivals. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-295484" src="https://coin-turk.com/wp-content/uploads/2023/12/degen-tweet.png" alt="" width="550" height="629"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-impressive-rally-and-competitive-edge-over-ethereum/" data-wpel-link="internal">Solana’s Impressive Rally and Competitive Edge Over Ethereum</a></h5>

Solana’s Impressive Rally and Competitive Edge Over Ethereum

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