Bitrabo Editorial
Solana is currently recognized as one of the most active blockchain networks, showing impressive engagement in recent months. Although there are worries regarding FTX and asset distribution potentially leading to a downturn, optimistic sentiment among investors suggests a promising future.
Investors are hopeful that SOL prices will rise in the near term for several reasons. The excitement around the month of “Uptober” plays a role, but the main factor is the substantial on-chain activity, which has a direct impact on the demand for SOL.
Solana Surpasses Ethereum and Layer-2s in Transaction Activity
According to an analyst’s post on X, Solana’s transaction volume has exceeded that of Ethereum and its layer-2 counterparts, including Base, Arbitrum, and Optimism. Recently, Solana recorded over $1.6 billion in volume, marking a 45% increase.
In comparison, Ethereum’s transaction volume during the same timeframe was over $751 million, showing a 4% rise. While Base and Arbitrum experienced notable growth rates of 22% and 47%, respectively, their overall volumes remained relatively low.
Base, which is ranked as the fourth largest, recorded $480 million, while Arbitrum followed with $240 million. Polygon, an Ethereum sidechain, managed to post over $93 million, reflecting nearly a 4% increase.
Solana’s transaction volume not only surpassed Ethereum and its layer-2 solutions but also exceeded activations on the BNB Chain. While BNB Chain remains the third most active, its transaction volume dropped nearly 3% to $671 million.
The increase in Solana’s transaction volume underscores its vital position in the broader crypto space, reflecting user demand for scalable blockchain solutions. Ongoing improvements to the blockchain’s reliability also play a role.
Notably, despite a 45% rise in transaction activity, Solana managed to maintain its operations without experiencing downtime, a significant improvement over previous instances where spikes in activity led to network outages.
Could Pump.Fun Token Propel SOL Above $200?
With Solana’s growing reliability, low transaction fees, and the rising popularity of meme coins such as Bonk and DogWifHat, the activity around these tokens is increasing. Amid the launch of Tron’s SunPump, Pump.Fun is also gaining momentum.
The Pump.Fun team recently indicated on X that they are considering launching their native token and a trading platform for meme coins aimed at professional traders. This potential introduction could further elevate activity on Solana as users rush to participate and possibly earn free tokens.
This influx of activities and interest could benefit SOL, which is currently trading above its September highs at over $166. This upward trend may set the stage for future gains, propelling SOL past the $200 mark in a continuation of the bullish momentum.