The Solana network remains one of the leading blockchains in the dynamic crypto sector, attracting a significant number of users every day, leading to a recent notable spike in transfer volume to unprecedented levels.
Solana sets a new benchmark for adoption
Glassnode, a leading on-chain and financial platform, reported that on-chain activity on the Solana network is heating up, resulting in a massive increase in transfer volume to a new record, indicating growing network usage and interest.
This increase in transfer volume to a new all-time high demonstrates the increasing popularity of the blockchain due to its fast and cheap transactions, as well as the growing appeal of decentralized apps and projects developed on the network. It also strengthens Solana’s position and broader role in the crypto landscape as a leading blockchain, with more users taking advantage of its capabilities.
According to the on-chain platform, Solana’s transfer volume reached a new all-time high of approximately $318 billion, while the number active addresses rose to over 22 million on November 16. While transfer volume rose to a record high, average and median transaction volumes fell sharply over the same period.
Glassnode pointed out that this pattern of network activity, which has previously fueled such trends on the blockchain, could be a sign of bot-driven activity. As the record-breaking activity continues, the network’s influence in the blockchain sector will continue to grow, attracting retail and institutional players.
The increase in transfer volume coincides with a significant increase in Decentralized Exchange (DEX) volume. A few days ago, the network’s decentralized volume spiked to new highs, further indicating the network’s growing need for decentralized operations and an increase in user engagement.
IC news reported that the network’s DEX volume registered a whopping $41.2 billion last week, marking a new weekly record. Interestingly, this sharp increase reflects over 100% growth from its previous highs, which was valued at around $17.5 billion in March this year and $18 billion the week before. With this kind of performance SOL’s blockchain continues to demonstrate its potential for decentralized financial innovation.
SOL resumes its upward momentum, more gains ahead?
Interested in Solana appears to have reignited its upward momentum after experiencing a decline today. SOL fell to $230; However, the support level proved to be within a strong range as the digital asset once again advanced towards the $242 mark.
Several analysts, such as Titan from Crypto, have confidence in it SOLThe renewed bullish momentum could trigger a move towards $400 in the ongoing market cycle. Crypto’s Titan made it cool prediction after citing a Cup and Handle formation on SOL’s monthly chart, which the altcoin has almost broken out of. When it surpasses the main pattern, the expert expects a move towards the previous all-time high, which will trigger a more substantial rally towards the $400 level.
Featured image from Adobe Stock, chart from Tradingview.com