- Solana is staging a remarkable performance this quarter.
- The Solana network is seeing activity reminiscent of the 2021 Bull Run.
- Considering Solana’s recent performance, are investors once again interested in SOL?
Solana has orchestrated a stellar comeback, emerging as the top gainer among altcoins with an impressive 118% surge in the last 30 days and a staggering 600% surge this year. Once relatively quiet in the first half of the year, the network is now buzzing with activity, setting exciting trends for investors and shattering records.
Seeing Solana’s impressive gains, there’s only one question on everyone’s mind: Are Solana investors staging a triumphant return? The short answer, it appears so.
Solana Interest Peaks
Solana’s strong piece performance this quarter draws global investors to claim their slice of the pie. The growing interest was evidenced by the network hitting a year-to-date peak of 51.63 million transactions on Saturday, November 25. The last time the network saw such an influx in trading activity was during its bull run in November 2021, when it registered consecutive daily transactions exceeding 55 million.
In stark contrast, Ethereum, Bitcoin, and Cardano combined had a mere 2 million transactions on the same day. Amid the surging transaction numbers, the network’s daily active users also reached yearly highs, consistently maintaining over 600,000 wallets over the weekend.
Adding to its long list of achievements, the network witnessed a staggering $71 billion in USDC transfer volume in November, marking yet another peak for the year. During the same month, decentralized exchange (DEX) trading volumes on Solana also registered a new yearly high.
Analysts posit that these milestones are indicators of renewed investor interest in the Solana ecosystem, aligning with the sharp uptick in SOL price throughout the month. At the time of writing, SOL exchanged hands at $56.6, with a daily trading volume exceeding $900 million.
On the Flipside
- There are ongoing concerns regarding the large stash of SOL held by the now-defunct FTX exchange. However, these are yet to impact SOL prices.
- SOL is still far below its all-time high (ATH) of around $260, achieved nearly two years ago.
Why This Matters
Solana has persistently sought to outshine its competitors, especially Ethereum. Given its recent ascent, escalating investor interest, and growing confidence, the network is poised to finally surpass all its rivals if it sustains its momentum.
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