Analysis: SOL reached a similar valuation to ETH in 2021 when it reached its all-time peak in January

according to DBA co-founder Jon Charbonneau's analysis, when Ethereum and Solana hit historical highs in price, network revenue also reached peak levels simultaneously, with valuation multiples close to each other. Ethereum reached its peak in November 2021, with an annualized network revenue of approximately $21.9 billion, a FDV of $578.71 billion, and a multiple of 26.42 times; Solana peaked in January 2025, with an annualized network revenue of approximately $6.61 billion, a FDV of $177 billion, and a multiple of 26.77 times.