Solana Network Activity Marks New High as SOL Moves Past $120

Solana’s non-vote transactions mark a new yearly high as SOL enjoys flourishing market conditions.

Robot looking at the high Solana chart.
Created by Kornelija Poderskytė from DailyCoin
  • SOL recently surged past $120 for the first time since May 2022. 
  • SOL’s exceptional performance has led to the network experiencing heightened activity. 
  • Particularly, DEX volumes and network transactions have substantially increased on Solana. 

Solana has been performing exceptionally well this quarter, consistently registering massive gains while the overall crypto market stalls in its recovery. In December alone, SOL surged 114%, securing its position as the leading gainer in the market.

As Solana traders enjoy flourishing market conditions, the network’s outstanding performance has attracted considerable attention, allowing the protocol to mark new highs. At the same time, it prints a flurry of green candles on the charts. 

Solana Network Activity Soars

Solana network activity has experienced a remarkable surge since the token printed massive gains for its holders. Whether it’s DeFi, NFT Sales, or on-chain transactions, the network has performed remarkably well, often surpassing its rival, Ethereum, in various metrics. 


According to SolScan, Solana’s non-vote transactions on the network have reached a new yearly high, with a seven-day moving average of 34 million transactions. Non-vote transactions typically refer to the movement of SOL between different Solana accounts, signaling a notable increase in user activity on the layer-1 network.

Subsequently, the rise in network activity has also led to exponential growth in liquidity on Solana’s largest decentralized exchanges (DEXes), allowing the network to narrow the gap with Ethereum. Solana DEX volumes have increased by 26% in the past week alone, reaching approximately $6 billion, compared to $8.5 billion on Ethereum DEXes. 

Experts attribute the rise in network activity and DEX volumes to the ongoing frenzy around the BONK memecoin and the success of DeFi protocols Pyth, which recently airdropped its native tokens worth $87 million. 

On the Flipside

  • At the time of writing, Solana’s DEX TVL stood at $405 million, while Ethereum led with a DEX TVL of $5.7 billion.
  • Despite its surge, the defunct exchange FTX still holds millions in SOL tokens, most of which will hit the market in 2025. 

Why This Matters

Solana’s incredible performance this year has positioned the network as a formidable threat to its competitors. This achievement may bolster confidence among its holders and attract additional market participants to invest in its token.

Read more about SOL’s Christmas Pump:
Solana Enjoys Christmas Miracle Pump While Market Stalls

Read more about the SEC’s final deadline:
SEC Calls For Final Changes as Potential ETF Approval Looms


This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.