Analysis: SOL reached a historic peak in January, similar to the 2021 ETH valuation.

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According to ChainCatcher news and analysis by DBA co-founder Jon Charbonneau, when Ethereum and Solana reached their all-time high prices, their network revenues also peaked, with valuation multiples being close. Ethereum peaked in November 2021 with an annualized network revenue of about $21.9 billion and an FDV of $578.71 billion, resulting in a multiple of 26.42x; Solana peaked in January 2025 with an annualized network revenue of about $6.61 billion and an FDV of $177 billion, resulting in a multiple of 26.77x.

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