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

Solana Sets New Record In Adoption

According to Glassnode, a leading on-chain and financial platform, Solana’s on-chain activity is surging massively, with its transfer volume hitting a new all-time high. This surge is attributed to the blockchain’s fast and low-cost transactions, making it a hotspot for decentralized apps and projects.

Solana’s transfer volume reached a new all-time high of around $318 billion, while the number of active addresses on the network also surged to over 22 million on November 16. However, as the transfer volume moved to record highs, both the mean and median transaction volumes decreased sharply during the same period.

This pattern of network activity, as highlighted by Glassnode, has often indicated bot-driven activity in the past on the blockchain. As the record-breaking activity continues, it will be interesting to see how it influences the network’s activity and presence within the blockchain domain.

The increasing transfer volume also aligns with a significant surge in Decentralized Exchange (DEX) volume on the Solana network. Recently, the network’s decentralized volume spiked to new highs.

As reported by IC News, the network’s DEX volume reached a massive $41.2 billion last week, setting a new weekly all-time high. Notably, this sharp increase marks over 100% growth from its previous highs, which were valued at around $17.5 billion in March this year and $18 billion the week prior. With these achievements, SOL’s blockchain continues to showcase its capacity for innovation in the decentralized finance space.

SOL Price Action Hints at More Gains Ahead

Interest in Solana appears to have reignited its upward strength after experiencing a decline today. SOL dropped to $230; however, the support level held strong as the digital asset rebounded to the $242 mark once again.

Several analysts, like Titan of Crypto, are optimistic about SOL’s renewed bullish momentum, anticipating a move to $400 in the current market cycle. Titan of Crypto made this bold prediction after observing a Cup and Handle formation on SOL’s monthly chart, which the altcoin is close to breaking out of. Once it clears the key pattern, the expert anticipates a move to its previous all-time high, setting the stage for a further strong rally to the $400 price level.