Solana Sees Surge in New Addresses as Transaction Volume Increases
The number of new addresses on the Solana network has experienced a significant surge, reaching over 691,000 based on a seven-day moving average. This increase in adoption is seen as a positive indicator of genuine user activity on the network, suggesting potential for new all-time highs. Solana has already surpassed daily transaction volumes of other major blockchains such as Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined. As a result, it is predicted that Solana will rise to become one of the top three blockchains by market cap.
Solana Transaction Volume Soars on DEXs
DEXs (decentralized exchanges) have played a significant role in driving Solana’s transaction volume surge. Since early March, the network has consistently surpassed $2 billion in daily trading volume. This trend is expected to continue as capital rotations within the market drive movements in bitcoin, ether, and Solana prices. However, despite the recent rally, SOL is still below its all-time high of $260 reached in November 2021.
SOL Price Rallies as New Addresses Increase
Alongside the spike in new addresses, the price of SOL has also experienced a notable increase. In the past seven days alone, SOL has rallied by over 12%. This positive price movement aligns with the overall performance of the GM 30 Index, which represents a selection of the top 30 cryptocurrencies and has increased by 3.57% to 157.54 in the past 24 hours.
The price of SOL, the native cryptocurrency of the Solana network has rallied by over 12% in the past week.
Hot Take: Solana’s Growing Adoption and Potential
Solana’s surge in new addresses and transaction volume is indicative of its growing adoption and potential as a leading blockchain network. With daily transaction volumes surpassing those of major competitors, Solana is well-positioned to continue its ascent in the market. While the price of SOL has experienced recent gains, it still has room to reach new all-time highs. As more users engage with the network and capital rotations drive market movements, Solana’s position as one of the top three blockchains by market cap appears inevitable.
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