Solana beats Ethereum in key areas: Are investors turning away from ETH?

network has helped it attract a large number of users, due to which an increase in activity on the network was observed.Due to the rising activity on the network, the fees paid out to validators on the Solana network had grown.has long been the dominant player in the smart contract platform space. Solana’s rise in popularity, especially if its fees remain competitive with Ethereum’s, could chip away at Ethereum’s market share.The state of the Ethereum network has also been dire.

According to Token Terminal, the number of daily active users on the network fell by 2.9% in the last 30 days.The NFT trades on the Ethereum network also declined significantly over the last month.ETH failed to fare well in terms of price as well. Since the 8th of April, its price fell considerably, exhibiting multiple lower lows and lower highs, indicative of a bearish trend.

Coupled with that, the CMF for Ethereum fell significantly to -0.21 during this period. This meant that the money flowing into ETH had declined significantly in the last few days. The RSI for Ethereum also declined during this period, implying that momentum was with the bears at the time of writing.Coupled with that, the velocity of ETH had fallen, indicating a reduced frequency of trades. In contrast to this, the overall network growth of ETH grew significantly.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates.

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