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Additionally, Solana's rise is supported by strong on-chain metrics, which show increased use and a thriving environment. The price has frequently found higher lows, which is a bullish indicator in technical analysis. Moreover, Solana accounts for a considerable portion of the worldwide decentralized finance TVL statistics. So far, Solana's DeFis have already attracted over $4 billion in investment.Many investors are wondering if Solana's performance against Binance Coin foreshadows a potential challenge to Ethereum's dominance. Currently, Ethereum’s market capitalization is standing at $430.2 billion.
Meanwhile, Solana's improved scalability and cheaper transaction costs make it a strong competitor for Ethereum. While Ethereum's recently launched Dencun Upgrade aims to address some of these scalability difficulties, it remains to be seen whether it can compete with platforms like Solana in the near term.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0.