The Solana network is experiencing a surge in trading activity, attracting traders and investors amidst a consolidation in the crypto market. According to on-chain data, Solana's daily transaction count reached 51.63 million on November 24th, a significant jump from the previous day. This milestone marks the highest transaction count in over two years.
Solana Competes with Ethereum as Altcoin Gains Momentum
Solana remains a strong competitor to Ethereum among altcoins, showing impressive gains this year. After a relatively quiet first half of the year, Solana started gaining momentum last month, resulting in a substantial increase of over 300% in its annual gains. This surge in price action is accompanied by a similar sentiment in daily transactions and daily active addresses, according to data from on-chain analytics platform Artemis.
Solana Network's Current Surge Reflects Increased Activity
The current surge in transaction count on the Solana network is a reflection of its current activity. On November 24th, Solana registered 51.63 million transactions, a level not seen since November 2021. This surge is a significant contrast to the 1.07 million transactions on Artemis and 16.23 million transactions on Polygon on the same day.
Solana's Popularity Grows, Leaving FTX Fiasco Behind
Solana has gained newfound popularity, stepping out of the shadow left behind by the FTX fiasco. The crypto has seen increased institutional inflow into its products, totaling $135 million this year. Additionally, Solana's decentralized exchange (DEX) volume spiked this month, and its total value locked in DeFi protocols reached a high of $618.36 million, a growth of 201% since the beginning of the year.
Solana's Market Performance
Despite a 4.7% loss in market cap over the past seven days due to general market consolidation, Solana is still up by 80% this month. The USDC trading volume on the network hit $71 billion in November, accompanied by a brief price rally above $65. Solana's USDC transfer volume also reached a new high for the year at $71 billion.
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