The Solana network remains one of the leading blockchains in the dynamic crypto sector, drawing in a significant number of users on a daily basis, which has led to a recent notable spike in its transfer volume to unprecedented levels.
Solana Sets New Benchmark In Adoption
Glassnode, a world-leading on-chain and financial platform, reported that the on-chain activity on the Solana network is heating up, resulting in a massive surge in its transfer volume to a new all-time high, signalling a growing network usage and interest.
This surge in transfer volume to a new all-time high demonstrates the blockchain’s increasing popularity due to its fast and low-cost transactions, as well as the growing appeal of decentralized apps and projects developed on the network. It also solidifies Solana’s position and broadening role in the crypto landscape as a leading blockchain with more users leveraging its capabilities.
According to the on-chain platform, Solana’s transfer volume reached a new all-time high of about $318 billion, whereas the number of active addresses jumped to more than 22 million on November 16. While the transfer volume moved to a record high, the mean and median transaction volumes decreased sharply throughout the same time frame.
Glassnode pointed out that this pattern of network activity, which has previously fueled such trends on the blockchain, could be a sign of bot-driven activity. As the record-breaking activity persists, the network’s influence will continue to expand in the blockchain sector, attracting retail and institutional players.
The rise in transfer volume coincides with a significant surge in its Decentralized Exchange (DEX) volume. A few days ago, the network’s decentralized volume spiked to new highs, further indicating the growing need for the network’s decentralized operations and a rise in user engagement.
IC News reported that the network’s DEX volume recorded a whopping $41.2 billion last week, marking a new weekly all-time high. Interestingly, this sharp increase reflects over 100% growth from its previous highs, which was valued at about $17.5 billion in March this year and $18 billion the week before. With these kinds of achievements, SOL’s blockchain continues to demonstrate its potential for decentralized finance innovation.
SOL Resumes Its Upside Momentum, More Gains Ahead?
Interest in Solana seems to have reignited its upward strength after experiencing a decline today. SOL dropped to $230; however, the support level proved to be in a strong range as the digital asset rebounded to the $242 mark once again.
Thus, several analysts, such as Titan of Crypto, are confident that SOL‘s renewed bullish momentum could trigger a move to $400 in the ongoing market cycle. Titan of Crypto made the bold prediction after citing a Cup and Handle formation on SOL’s monthly chart, which the altcoin has nearly broken out of. When it surpasses the key pattern, the expert anticipates a move to its previous all-time high, triggering a more substantial rally to the $400 level.
Featured image from Adobe Stock, chart from Tradingview.com