Analysis: SOL's Valuation in January Mirrors ETH's Peak in 2021

According to DBA co-founder Jon Charbonneau's analysis, when Ethereum and Solana reached their all-time high prices, network revenue also peaked, and valuation multiples were similar. Ethereum reached its peak in November 2021, with an annualized network revenue of approximately $21.9 billion, an 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, an FDV of $177 billion, and a multiple of 26.77 times.