The Solana network is back and busier than ever. According to on-chain data, Solana has witnessed a surge in trading activity active addresses as it continues to attract traders and investors amidst a consolidation in the entire crypto market.
This surge has pushed Solana to a new milestone in over two years. The network’s daily transaction count reached 51.63 million on November 24th, a jump of over 144% from the previous day’s count of 21.1 million transactions.
Spike In Daily Transactions On The Solana Network
Solana remains Ethereum’s closest competitor among altcoins, registering impressive gains so far this year. After a relatively quiet first half of the year, Solana started to gain momentum last month in October, resulting in a substantial increase of over 300% in its annual gains as of the time of writing.
As Solana continues to gain traction in terms of price action, data from on-chain analytics platform Artemis has shown a similar sentiment in daily transactions and daily active addresses.
The network registered 51.63 million transactions on November 24th, a level which it hasn’t seen since November 2021. Back then, the network registered consecutive days of daily transactions above 55 million during the bull market run which saw SOL reach its current all-time high of $260.
The current surge in transaction count is a reflection of the current activity on the Solana network. In comparison, Artemis and Polygon registered 1.07 million and 16.23 million transactions respectively on November 24th.
Total crypto market cap is currently at $1.4 trillion. Chart: TradingView.com
The network’s daily active addresses also recently reached January 2023 levels, registering 635,400 and 488,920 addresses on November 23rd and November 24th respectively.
What’s Behind Solana’s Recent Growth Spurt?
Several factors have contributed to Solana’s newfound popularity and the crypto is now stepping out of the shadow left behind by the FTX fiasco. Institutional inflow into the crypto’s products has increased in the past month and is now at a $135 million total inflow this year.
Solana DEX volume spiked to a high this month as investors continued to flock into the network. Data from DefiLlama also shows Solana’s total value locked in its DeFi protocols is at a high of the year at $618.36 million. This represents a growth of 201% from its $205.11 million TVL at the beginning of the year.
Solana is trading at $58.48 at the time of writing. Although it has lost around 4.7% of its market cap in the past seven days in the midst of a general market consolidation, it’s still up by 80% this month. USDC trading volume on the network also hit $71 billion in November accompanied by a brief price rally above $65.
Solana USDC transfer volume hit $71 billion in November, a new high for the year, according to @ergon50 data dashboard. At the same time, Solana DEX trading volume also hit a record high this month. This may be a sign of investors re-entering the Solana network with the sharp…
— Wu Blockchain (@WuBlockchain) November 26, 2023
Featured image from Pixabay
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