- Social media platforms were buzzing with discussions about Ethereum [ETH] and Solana [SOL] recently, fueled by notable price movements as they entered new price zones.
- There has been a significant change in their Total Value Locked (TVL) over the last month, adding to the excitement surrounding these assets.
Crypto enthusiasts and investors are keenly observing the dynamic shifts in the cryptocurrency market, particularly between Ethereum and Solana, as they navigate through new social and economic territories.
Solana and Ethereum see positive social metrics
According to data from Lunar Crush, Solana and Ethereum recently experienced similar and intriguing social media trends. Ethereum had a social dominance of 9.35%, while Solana had 8.85%. SOL garnered 42.4 million social interactions, whereas ETH recorded 45.18 million. Both assets also boasted positive sentiments, with an 85% positivity rate. However, an analysis of social dominance on Santiment revealed a shift. Solana’s social dominance decreased to around 4.7%, while Ethereum’s declined to 7% at the time of this writing.
SOL and ETH enter new price zones
The analysis of Ethereum (ETH) and Solana (SOL) price trends explains the recent increase in social metrics. A daily time frame chart for Ethereum showed that it recently re-entered the $3,000 price range. On the 18th of May, ETH added less than 1%, pushing its price into the $3,100 zone for the first time in weeks. At the time of this writing, ETH was trading at around $3,107, though it had declined by approximately 0.5%. Despite the slight decrease, the Relative Strength Index (RSI) indicated that ETH remained in a weak bull trend. On the other hand, Solana has been experiencing consecutive uptrends over the past few days. The chart revealed that SOL’s price increased by about 20% from the 15th of May to press time. At the time of this writing, SOL was trading at around $172 with a less than 1% increase. The RSI showed that SOL remained in a strong bull trend.
Solana sees more TVL growth than Ethereum
Analysis of the Total Value Locked (TVL) for Ethereum and Solana indicated that both have increased over the past seven days and one month. However, Solana has experienced a more significant rise. According to data from DefiLlama, Solana’s TVL increased by approximately 11.60% in the past seven days and about 23.8% in the last month. Ethereum’s TVL rose by around 4.6% over the past seven days and 6.2% in the last month. At the time of this writing, SOL’s TVL was $4.7 billion, while ETH’s TVL was around $55.2 billion.
Conclusion
This analysis highlights the vibrant dynamics between Ethereum and Solana, showcasing not only their competitive edge in market prices and social media presence but also their strategic growth in Total Value Locked. As the crypto landscape continues to evolve, these factors will likely play significant roles in shaping the future trajectories of these leading digital assets.
