Analysis: SOL was similar to 2021 ETH valuations when it reached its all-time peak in January
According to the analysis of Jon Charbonneau, co-founder of DBA, when the price of Ethereum and Solana hit a record high, the network revenue also peaked simultaneously, and the valuation multiple was close. Ethereum reached its peak in November 2021 with an annualized network revenue of about $21.9 billion and an FDV of $578.71 billion, a multiple of 26.42x; Solana peaked in January 2025 with annualized network revenue of about $6.61 billion and FDV of $177 billion, a multiple of 26.77x.
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