Daily Transactions on the Solana Network Making History
Solana (SOL), with its impressive price increase this year, has attracted many investors and set a new record by reaching the highest total daily transaction count. According to data from Artemis, Solana reached 51.63 million, the highest daily transaction count of the year. This significant milestone came as a notable deviation from the general trend of this specific metric playing around the 20 million mark since at least late August.
Based on various fundamental news from the Solana protocol, buyers attempted to push this transaction threshold above 20 million. One such attempt was recorded on September 13, where Solana (SOL) recorded approximately 18.58 million total daily transactions.
A strong surge was recorded on October 23 when the total daily transactions reached 19.93 million. While these transactions are incomparable to the newly recorded high levels, they overshadow transactions of competing protocols such as Ethereum (ETH), Polygon (MATIC), Aptos (APT), and Near Protocol (NEAR).
When Solana’s daily transaction count reached 21.1 million on November 23, according to Artemis, Ethereum’s transaction count was recorded at 1.12 million, and Polygon’s was 7.87 million. The transaction counts for competing chains like Aptos and NEAR were 302.83 thousand and 1.77 million, respectively.
What is the current price of Solana?
While the overall crypto world experiences deep consolidations, Solana (SOL) remains one of the best-performing altcoins in the market. At the time of writing, the coin is trading at $59.28, up by 2.93%, bringing its weekly increase to 1.53%. This significant transaction count contributed to a 6% increase in SOL’s trading volume, bringing its market capitalization to $1,215,394,579 and ranking it fifth among all cryptocurrencies.
Solana had a rough start last November due to the collapse of the FTX Derivatives Exchange. FTX had significant exposure to Solana, and this situation weakened investor sensitivity to the protocol’s future earlier this year. Following the ongoing efforts of SOL and Solana developers and the community, the coin returned to its pre-FTX price level earlier this month, and the increased daily transaction count indicates overall improvement in the health of the network across all areas.
