As spot Ethereum ETF continues to draw positive attention to altcoins with the commencement of trading, Solana (SOL) has also shown promise in recent times. A significant metric has revealed Solana improving over Ethereum. Notably, Solana surpassed Ethereum in terms of accrued revenue.
Solana Joins Elite Group in Transaction Fees
As per data shared by DeFiLlama, Solana amassed a total revenue of $1.07 million in 24 hours as against Ethereum’s $552,355. Meanwhile, Pump.fun, the Solana memecoin marketplace, also raked in more revenue than Ethereum as it garnered $864,525.
Meanwhile, in terms of transaction fees, Solana joined an elite group of four exchanges that raked in over $2 million. Jito led the group with $3.27 million; the only coin to generate over $3 million. The other two include Lido and Raydium with $2.94 million and $2.49 million respectively. Solana held the fourth spot with a transaction fee of $2.13 million.
This indicates that investors have maintained an interest in Solana despite the recent hype around the spot Ethereum ETF trading. Some analysts speculate that investors might be consolidating their positions ahead of likely price growth for Solana.
Future Prospects: Spot Solana ETF and Price Predictions
Interestingly, some asset managers such as VanEck and 21Shares have filed for a spot Solana ETF product in the United States.
The journey to approval of an ETF product for Solana is a long way from materializing. Despite this, GSR analysis predicts that SOL price might mirror Bitcoin in performance. This projection hinges on its many functionality such as in staking and decentralized applications. Notably, GSR believes the price of Solana could leap to a staggering $1,289.
At the time of writing, as per CoinMarketCap data, Solana has climbed up by 0.33% in the past 24 hours to a price of $185.02.
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