- Solana dominated other chains in volume.
- TVL was close to its all-time high.
As an experienced analyst, I have closely monitored the blockchain landscape and have been particularly intrigued by Solana’s recent performance. The dominant transaction volume on Solana is a clear indication of the network’s increasing popularity and usage. With other notable chains experiencing only slight growth in comparison, Solana stands out as a promising contender.
Among other prominent blockchains like Binance Chain and Tron (TRX), Solana (SOL) has shown exceptional transaction activity in the past 30 days, handling a larger volume of transactions than them.
I observed a substantial rise in the network’s utilization and engagement levels, surpassing that of other networks except for SUI, which exhibited a slight uptick as well.
Solana volume shows growth
Based on an analysis by AMBCrypto, there has been a noticeable increase in Solana’s trading activity on DefiLlama within the past few months. In comparison to past years, this DeFi platform has seen a substantial surge in transaction volume for Solana.
This is indicative of increased activity this year.
As a crypto investor, I’ve observed that in March, trading volumes reached an astounding high of over $3 billion. However, they began to recede gradually, yet still hovered around the $1 billion mark. At present, the volume stands at approximately $1.5 billion.
It’s understandable that the significant rise in trading activity might not come as a shock, considering the recent surge in meme coins being introduced on the platform.
Impact on the Solana TVL?
Just like the amount of transactions processed on the Solana network, its Total Value Locked (TVL) has seen substantial expansion during this year.
The analysis of the DefiLlama chart uncovered that on the 22nd of May, the total value locked reached an all-time high of over $4.9 billion.
Despite a slight drop from its all-time peak, the TVL figure currently hovers around $4.86 billion – only a few million dollars shy of its record level.
The expansion of TVL can be attributed to the introduction of fresh assets on the Solana blockchain. Furthermore, the price surge of SOL during the last several months has significantly boosted the TVL growth.
How SOL is trending
I’ve closely monitored Solana’s price trend as a crypto investor, and according to AMBCrypto’s analysis, there had been some downtrends in the last few days. However, on the 27th of May, I was pleasantly surprised when Solana managed to record a gain of 4.15%, bringing its price up to around $170.
Read Solana’s [SOL] Price Prediction 2024-25
Despite this advance, SOL has had a hard time bouncing back from past setbacks. Additionally, the examination identified the $180 mark as a potential barrier for further growth.
At present, SOL was priced approximately at $168 on the markets, representing a minimal increase compared to the last trading day.
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2024-05-30 02:15