Solana shattered records with a staggering 951.9 billion transaction volume, marking a spectacular 30% growth since December. This historic peak attests to Solana’s meteoric rise, propelled by the success of its affiliated projects, while SOL continues its impressive rise.
A new record recorded on Solana
According to data from The Block, transaction volume on the Solana blockchain increased by 30% compared to December. It reached $738.8 billion, a record level since September 2022 which was at $1.55 trillion. Indeed, the number of addresses registered on Solana has reached a record level over several months. In January, this exceeded 10 million, the highest since May 2022 with a number of addresses of 11.72 million.
Additionally, activity growth on Solana is significantly higher than in 2023 and through much of 2022. In September 2023, trading volume on Solana reached its lowest level at $40 billion . But the network has nevertheless performed well over the past year. They are much better than those of Ethereum despite the unfavorable market conditions.
The SOL token continues its rise
Furthermore, the native crypto of Solana (SOL) is also showing steady growth. Its price has increased by around 12% over the past week. Experts explain this increase by the growing interest in the WEN crypto. This is the new crypto memecoin based on the Solana blockchain. Data from Dune Analytics shows that the most common trades in the last 24 hours were: stablecoin/SOL, stablecoin/WEN, SOL/WEN.
At the time of writing, Solana (SOL) price is hovering around $100.06. The crypto saw an 8% rise in the last 24 hours. However, this high volatility led to strong liquidations of short positions. Of the $9.9 million liquidated on centralized exchanges, 8 million came from these short positions.
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