#SolanaSurge

Solana has surpassed Ethereum in total DeFi revenue, achieving $2.56 billion compared to $2.27 billion for Ethereum, reflecting its superiority in speed and low transaction costs.

Key price drivers:

There is significant optimism due to the possibility of an ETF approval for Solana in the United States, especially after the appointment of a new SEC chairman who is considered supportive of cryptocurrencies. The likelihood of Solana's ETF approval has risen to 76% according to Polymarket.

Short squeeze events have added momentum to the rise, with $9.3 million in short positions being liquidated in Solana within 24 hours.

Despite rising prices, the number of new wallets remains at its lowest level in six months, indicating that large investors are the primary drivers currently, while small investors remain cautious.