In November 2024, Solana's decentralized exchange (DEX) volume reached approximately $77.51 billion, significantly outpacing Ethereum's $38.81 billion, highlighting Solana's growing utility in decentralized trading.

Solana's protocol fees for the same month totaled $343.96 million, nearly double Ethereum's $178.65 million, indicating a robust revenue generation for Solana.

This trend follows October 2024, when Solana's DEX volume was $52.5 billion compared to Ethereum's $41.4 billion, showcasing Solana's increasing dominance in the decentralized finance space.

Throughout 2024, Solana has surged 70% against Ethereum, establishing itself as a formidable competitor despite having a market capitalization roughly one-third that of Ethereum.

As of November 20, 2024, Solana's trading price was $238.56, just below its all-time high of $259.90 from November 2021, with technical indicators suggesting potential for further price increases.

If Solana surpasses its all-time high, analysts suggest it could target a new level of 0.090000 against Ethereum, indicating upward momentum in its price trend.

Recent additions of stablecoins, including USDS and sUSD, to Solana's ecosystem are expected to enhance its DeFi liquidity and improve its competitive stance against Ethereum.

The rise of Solana has positively impacted its ecosystem, with meme coins on the platform exceeding $22 billion in market capitalization, contributing to broader market gains.

Meanwhile, Ethereum's Layer 2 and Layer 3 projects are currently facing challenges, potentially leading to unrealized losses for traders holding these tokens as Solana gains popularity.

Solana's price movements are closely correlated with Bitcoin, suggesting that fluctuations in Bitcoin's price may also impact Solana's performance.

Despite Solana's recent gains, Ethereum continues to lead in circulating stablecoin supply and total value locked (TVL), benefiting from its established market presence.

Notably, on November 18, 2024, Solana reached an all-time high against Ethereum with a SOL/ETH ratio of 0.07977, further emphasizing its competitive edge.