Solana’s Momentum Surge: Will This Metric Boost SOL’s Advancement?

Solana’s November Transaction Performance

Solana has demonstrated remarkable performance, particularly in key metrics such as transaction volume. In November alone, Solana recorded an astounding 622 million transactions.

  • The lowest daily volume observed was around 29.9 million transactions.
  • The average daily transaction stood at approximately 35 million.
  • Notably, there has been a significant increase in daily transactions, reaching around 40 million in the current month.

Recent data from Crypto Rank highlighted Solana’s dominance by having the highest transaction volume among the top blockchains for November.

Solana’s Growing Total Value Locked (TVL)

Solana is not just excelling in transaction volume; it is also making substantial strides in Total Value Locked (TVL), exhibiting a recent surge.

  • TVL witnessed remarkable growth, exceeding 70% in the past month.
  • Recent data indicates an even more substantial increase of over 87% in the past month.
  • As of the latest update, Solana’s TVL has reached approximately $697 million.

Data from DefiLlama confirms that Solana’s TVL trend remains the highest among the top 10 chains. The network also boasts a strong user base, with active addresses consistently exceeding 150,000 and currently standing at over 184,000.

SOL’s Recent Price Movement

An analysis of Solana’s daily timeframe chart reveals recent losses, but there’s a positive turn as of the latest update.

  • SOL is currently trading with a notable increase of over 7%, reaching a spot price of over $65.
  • This surpasses the previous trading session’s range of around $61.

While SOL may not lead in price uptrends, it has showcased impressive upward movement in the last few months. Trend line analysis indicates a support level in the vicinity of the $50 and $51 price ranges, suggesting stability amidst recent fluctuations.

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