Solana has been gaining traction as one of the most vibrant networks, especially when considering the engagement statistics from recent months. Although there are lingering worries regarding FTX and the potential impact of asset distribution on prices, optimism among bulls persists about future developments.
Investors are anticipating that SOL prices will increase in the days ahead for various reasons. While the excitement surrounding “Uptober” could play a role, the primary focus remains on on-chain activity, which directly influences SOL demand.
Solana Surpasses Ethereum and Layer-2s in Transaction Volume
According to a post on X, one analyst points out that Solana is exceeding Ethereum and its layer-2 solutions such as Base, Arbitrum, and Optimism in terms of transaction volume. In just the past day, Solana achieved over $1.6 billion in volume, marking a 45% increase.
Conversely, Ethereum recorded more than $751 million during that same timeframe, reflecting a 4% rise. While Base and Arbitrum demonstrated double-digit growth at 22% and 47% respectively, their volume figures were relatively low.
Base, being the fourth most active, reported $480 million in volume, while Arbitrum followed with $240 million. Polygon, an Ethereum sidechain, recorded over $93 million, reflecting a near 4% increase.
Solana not only outperformed Ethereum and its layer-2 solutions but also exceeded activity levels on the BNB Chain. While it stands as the third most active platform, generating more volume than numerous Ethereum layer-2s, its overall volume dipped nearly 3% to $671 million.
The surge in Solana’s transaction volume highlights the network’s significance within the larger crypto ecosystem and showcases users’ preference for scalable solutions. The ongoing enhancements to the blockchain’s reliability also play a key role in this trend.
Despite the impressive 45% upswing in transaction volume, Solana maintained its performance, unlike previous instances where spikes in activity led to network outages.
Pump.Fun Token Aims to Propel SOL Past $200?
With Solana’s improvements and increasing reliability, the low transaction fees, along with the success of tokens like Bonk and DogWifHat, have fueled a significant uptick in meme coin activities. Even with Tron launching SunPump, the momentum of Pump.fun is gaining traction.
Recently, the team announced their intentions to potentially roll out their native token and create a meme coin trading platform tailored for professional traders. With the upcoming release of Pump.fun’s native token, the activity on Solana may continue to rise as users rush to participate and hope to acquire free tokens.
Amidst this wave of activity and enthusiasm, SOL stands to gain. The coin is currently trading above its September peaks, fetching more than $166. This breakout could establish a foundation for further advancements, propelling SOL above the $200 mark in an ongoing upward trend.
Feature image from Canva, chart from TradingView
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