Solana’s On-Chain Transaction Volume Surge: Path to $200?

Solana saw a 700% spike in daily transactions, hitting a record $42.72 billion on January 3.
Besides its native token, meme coins like BONK and MYRO significantly fueled Solana’s transaction surge.
Solana eyes key resistance levels on the path to a potential $200 valuation.

Solana (SOL) has been experiencing a monumental surge in on-chain transaction volumes. Over the past month, SOL climbed through various price levels, garnering significant attention from traders and investors.

Read CRYPTONEWSLAND on

google news

The Block’s data highlights a staggering surge in daily transaction values, showcasing an unprecedented uptick that surpassed 700% within the last 30 days alone. This surge culminated in a record-breaking daily transaction volume of $42.72 billion on January 3, illustrating the network’s burgeoning popularity and utility.

The data further emphasizes Solana’s emergence as a favored blockchain for stablecoin usage and transactions, surpassing Ethereum (ETH) in weekly stablecoin trading volumes. December witnessed a substantial increase in the value moved on the Solana chain compared to other prominent chains, solidifying its position as a hub for efficient and high-volume transactions.

The surge in Solana’s on-chain activity isn’t solely attributed to the native SOL token but also reflects the growing interest in SOL-based meme coins. Coins like BONK and MYRO experienced significant trading volumes, contributing to Solana’s overall transaction surge.

Despite a recent decline in SOL’s price, indicative of a broader trend among altcoins, experts remain optimistic about Solana’s long-term potential. While SOL currently trades at $90, analysts suggest that sustained high transaction volumes indicate enduring interest in the network. Anticipation mounts for a potential resurgence in SOL’s price trajectory, with key resistances at $97, $109, $115, and $125 to surpass on the path to potentially reaching the $200 mark.

Read also:

Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.