- The increase in active addresses and overall value secured demonstrates real uptake and interaction within the Solana ecosystem.
- Surpassing major players such as Ethereum and BNB Chain in terms of daily transactions, Solana’s network indicates a certain ascendancy.
Solana has experienced an 11% increase in the past week, capturing interest away from meme-based digital currencies and creating positive momentum that indicates further growth. Raoul Pal, the macro expert and head of Real Vision, states that the “crypto summer” is now underway, with all signs pointing towards growth.
During his latest discussion on the Rug Radio YouTube channel, Pal characterised this phase as a robust upward movement, foreseeing short-term retracements of as much as 30%, yet maintaining a highly positive forecast for 2024.
Why is Solana relevant now?
What’s interesting is that it compares Solana to what Ethereum represented in the previous cycle, predicting that Solana could experience a235% to 570%increase from its current levels .
This forecast is based on Solana’s growing adoption and genuine user engagement on its network. Tristan Frizza, founder of Zeta Markets, mentions that, given Solana’s daily transaction count surpassing that of Ethereum, Arbitrum, Optimism, BNB Chain, Tron and Avalanche combined, its ascent to the top three blockchains by market cap seems inevitable.
The figures are unmistakable: by March 11, the number of daily active addresses on Solana had climbed to 1.01 million, up from 779,080 just a week earlier. Moreover, the number of new addresses on the Solana network increased to 717,960 by March 11, up from 513,270 the week before.
Moreover, the daily on-chain transaction volume in Solana reached $3.18 billion by March 10, marking a significant rise from $1.13 billion the preceding week.
The question is, what does all this tell us? That we are facing a pivotal moment for Solana and, by extension, the crypto universe.
Pal’s outlook and the increase in Solana adoption and transactions are not just cold numbers; they are a reflection of growing confidence and interest on the part of investors and users.
As ETHNews previously noted, the crypto landscape is constantly evolving, and Solana is marking its territory strongly. According to a previous ETHNews report , now is the time to pay attention and, perhaps, consider what role Solana will play in our digital portfolios.
