- Active Addresses on Solana Increase to Over 22 Million, Indicating Expanding User Base and Adoption.
- DEX Volume on Solana Hits New Weekly Record of $41.2 Billion, Reflecting a 100% Increase from Previous Highs.
Recent data from Glassnode, a leading blockchain analytics firm, indicates a significant surge in Solana’s network activity, with transfer volumes hitting a new high of approximately $318 billion.
This development reflects the increasing utilization of Solana for fast and cost-efficient transactions, which is enhancing its appeal in the decentralized applications (DApps) sector
The record transfer volume coincides with an increase in active addresses on the network, which now exceed 22 million as of November 16. Despite these high transaction volumes, the average size of transactions has decreased, suggesting a prevalence of automated transactions, or bot activity, which is common in such high-throughput environments.
Solana’s growth in decentralized exchange (DEX) volume also mirrors these trends, with the network experiencing a significant spike in DEX transactions.
Solana’s decentralized exchange (DEX) volume reached a new weekly all-time high of $41.2 billion last week. Previously, the all-time high volumes were around $18 billion witnessed during a week before and around $17.5 billion in March 2024. Solana’s recent weekly volume surpassed… pic.twitter.com/48rbI1U0Vr
— IC News (@Andrea70571778) November 18, 2024
Last week, Solana’s DEX volume reached about $41.2 billion, a notable rise from previous records of $17.5 billion in March and $18 billion the week prior.
This indicates robust engagement and a growing preference for Solana’s decentralized financial (DeFi) capabilities.
Moreover, despite a temporary price dip where SOL fell to $230, it quickly rebounded to around $242, showcasing the volatility and rapid recovery typical in crypto markets. Analysts, including one referred to as Titan of Crypto, predict potential further gains for Solana.
Citing a technical ‘Cup and Handle’ pattern on Solana’s price chart, Titan of Crypto suggests that Solana could soon break out and aim for a target of $400, pointing to sustained bullish momentum in the market cycle.
This analysis underscores Solana’s strengthening position within the blockchain sector and its potential to continue attracting both retail and institutional interest due to its innovative technology and growing market presence.
Solana (SOL) is currently trading at $261.78 USD, reflecting a daily increase of 2.00%. Over the past week, it has gained 24.91%, and its monthly growth has reached an impressive 56.30%, indicating strong bullish momentum.
Year-to-date, Solana has surged by 157.39%, showcasing its significant recovery and investor confidence.
The market capitalization of Solana is $124.26 billion USD, with a 24-hour trading volume of $10.97 billion USD, highlighting robust liquidity and trading activity. Solana is approaching its all-time high of $260.00 USD
