June 23, 2024

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Ethereum vs. Solana: Social hype can send the price of a single token soaring

Ethereum vs. Solana: Social hype can send the price of a single token soaring

  • SOL and ETH have seen a lot of buzz on social media recently.
  • SOL and ETH prices crossed into new price zones this week.

Social media platforms have been buzzing with discussions about Ethereum [ETH] And Solana [SOL] Recently, it has been fueled by notable price movements as it enters new price zones.

There has been a significant change in the total value locked (TVL) over the past month, adding to the excitement surrounding this asset.

Solana and Ethereum see positive social metrics

According to data from Crushing the moonRecently, Solana and Ethereum have seen similar and interesting trends on social media. Ethereum had a social dominance of 9.35%, while Solana had 8.85%.

SOL had 42.4 million social interactions, while ETH recorded 45.18 million. Both assets also boasted positive sentiment, with a positivity rate of 85%.

However, analysis of social dominance on Santiment revealed a shift. Solana's social dominance has dropped to around 4.7%, while Ethereum's social dominance has dropped to 7% at the time of this writing.

Ethereum Solana Social Dominance

Source: Santiment

SOL and ETH are entering new price zones

Analysis of Ethereum (ETH) and Solana (SOL) price trends explains the recent increase in social metrics.

The daily time frame chart of Ethereum showed that it recently entered the $3,000 price range. On May 18, ETH added less than 1%, pushing its price into the $3,100 region for the first time in weeks.

At the time of writing, ETH is trading at around $3,107, although it is down about 0.5%.

Despite the slight decline, the Relative Strength Index (RSI) indicated that ETH remained in a weak uptrend.

Ethereum price trends

Source: Trading View

On the other hand, Solana has seen consecutive upward trends over the past few days. The chart revealed that the price of SOL was up about 20% from May 15 as of press time.

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At the time of this writing, SOL is trading at around $172 with an increase of less than 1%. The RSI showed that SOL remained in a strong uptrend.

Solana price trend

Source: Trading View

Solana sees more growth in TVL than Ethereum

An analysis of the total value locked (TVL) of Ethereum and Solana indicated that both have risen over the past seven days and one month. However, Solana has seen a more significant rise.


Read about Ethereum [ETH] Price forecasts 2024-25


According to data from DevillamaSolana's TVL is up about 11.60% in the past seven days and about 23.8% in the past month.

TVL for Ethereum has risen by about 4.6% over the past seven days and 6.2% in the past month. At the time of this writing, the TVL for SOL was $4.7 billion, while the TVL for ETH was around $55.2 billion.