Solana’s Remarkable Growth: A Closer Look
Solana’s price has been stable this week, with several key metrics showing significant improvement. Teh cryptocurrency, SOL, reached $135 on Friday, marking a 40% increase from its lowest point this month. This surge has pushed Solana’s market value to nearly $70 billion.
The decentralized exchange (DEX) volume on Solana has been notably strong. According to DeFi Llama, the 24-hour volume hit $2.27 billion,surpassing Ethereum’s $1.52 billion. Solana’s weekly volume of $16.14 billion also outperformed Ethereum and Binance Smart Chain (BSC).
Other metrics are equally impressive. Nansen data reveals a 17% increase in active addresses over the past week, reaching 29 million. this is significantly higher then Tron, Ethereum, and BSC. Solana processed 374 million transactions, more than all other blockchains combined. The network generated over $7.67 million in fees, a 42% increase from the previous week.
- Active addresses: 29 million
- Transactions: 374 million
- Network fees: $7.67 million
Some tokens within Solana’s ecosystem have also seen growth. Pudgy Penguins rose by 12%, and Popcat (POPCAT) soared by 10%. Additionally, Janover, a real estate tech firm, has been buying SOL, investing $10 million, bringing its total holdings to $21 million.
Technically,the SOL price chart shows a bottom at $94.65 earlier this month, followed by a rebound to $135. The price has moved above the $120 support level. The MACD and RSI indicators suggest further gains,possibly reaching $150. A drop below $120 would challenge this bullish outlook.
