Solana (SOL) Records Significant Surge in Daily Transactions
Solana (SOL) has experienced a remarkable increase in total daily transactions over the past three months, attracting renewed interest in its ecosystem.
Solana Sets Historic Daily Transaction Record
Solana (SOL) has not only impressed investors with its year-to-date price growth but has also made history by reaching its highest daily transaction count. According to data from the crypto data intelligence platform, Artemis, Solana achieved an extraordinary daily transaction count of 51.63 million, marking a significant deviation from the general trend observed since at least late August.
Solana Defies Transaction Trends
Despite the general trend hovering around the 20 million benchmark, Solana’s daily transaction count experienced a notable increase. On September 13, the protocol recorded approximately 18.58 million total daily transactions, and on October 23, it reached 19.93 million. These figures, while not comparable to the recent high, outshine those of competing protocols such as Ethereum (ETH), Polygon (MATIC), Aptos (APT), and Near Protocol.
Comparison with Competing Protocols
On November 23, Solana’s daily transaction count surged to 21.1 million, significantly surpassing competing protocols. According to Artemis, Ethereum’s transaction count was 1.12 million, Polygon’s was 7.87 million, Aptos reached 302.83K, and NEAR recorded 1.77 million transactions.
Solana Price Reaction
Solana (SOL) stands out as one of the best-performing altcoins in the current market, experiencing a 2.93% increase to $59.28 at the time of writing. This brings the weekly surge to 1.53%. The substantial transaction count contributed to a 6% boost in SOL’s trading volume, reaching $1,215,394,579, making it the fifth-largest trading volume among all cryptocurrencies.
Resilience and Recovery
Solana faced challenges earlier in the year, stemming from the collapse of FTX Derivatives Exchange in November. FTX’s significant exposure to Solana dampened investor sentiment. However, after a series of liquidations and the unwavering efforts of Solana developers and the community, the coin has returned to its pre-FTX price level this month. The increasing daily transaction count serves as evidence that network health is being restored across the board.
