Emily Walker
The Solana blockchain continues to be a major player in the ever-evolving cryptocurrency market, attracting a considerable number of daily users. This growing interest has resulted in a remarkable increase in its transfer volume, reaching levels that have never been seen before.
Solana Achieves New Milestone in User Adoption
According to Glassnode, a leading on-chain analytics and financial platform, the Solana network is experiencing a significant rise in on-chain activities. This has led to a historic surge in transfer volume, achieving an all-time high, which reflects an increase in both usage and interest in the network.
This impressive transfer volume rise highlights Solana’s growing popularity, attributed to its quick and affordable transaction capabilities and the increasing interest in decentralized applications (dApps) developed on the platform. It further cements Solana’s status within the blockchain space as a pivotal network gaining traction among users.
As per Glassnode’s data, Solana’s transfer volume soared to approximately $318 billion, with active addresses exceeding 22 million as of November 16. However, while transfer volume hit a new peak, the average and median transaction volumes saw a significant decrease during this period.
Glassnode noted that the current network activity pattern might indicate some degree of bot-driven transactions, suggesting that as this record-high activity continues, Solana’s impact within the blockchain realm will likely grow, attracting both retail and institutional investors.
This rise in transfer volume aligns with a notable spike in decentralized exchange (DEX) activity on the platform. Recently, the decentralized trading volume surged to impressive new heights, further reflecting the rising demand for Solana’s decentralized functionalities and an increase in user participation.
IC News highlighted that the DEX volume on Solana reached an astounding $41.2 billion last week, setting a record for weekly trading volume. This increase represents over 100% growth compared to previous levels, which stood at about $17.5 billion in March and $18 billion the week prior. Such accomplishments continue to showcase SOL’s potential in the decentralized finance sector.
SOL Regains Optimism, Is a Rally Incoming?
After a brief decline, interest in Solana seems to have rekindled its upward momentum. Following a drop to $230, the asset found strong support and bounced back to around $242.
Analysts like Titan of Crypto are optimistic that this renewed bullish trend for SOL could propel it to $400 in the current market cycle. Titan of Crypto made this bold prediction referencing a Cup and Handle pattern on SOL’s monthly chart, which it is nearing a break from. If it surpasses this critical pattern, they foresee a return to its former all-time high, potentially triggering a significant rally toward the $400 mark.