Solana seems to be attracting all eyes again, as volumes of its decentralized applications (DApps) jumped 46% in just one week. In a market where projects sometimes struggle to maintain their momentum, this performance could well herald a new dynamic for the network, particularly for its native crypto, SOL. At a time when the altcoin sector is experiencing a widespread correction, Solana stands out for its resilience, advanced technology, and growing adoption.
A jump in volumes on Solana DApps
During the last week of September, Solana saw its DApps volume increase dramatically by 46%. This figure is important because major competitors, such as Ethereum and Binance Smart Chain (BSC), have not seen such increases during this period. Ethereum, for example, only saw its DApp volumes grow by 12%, while BNB Chain remained stable. Solana's remarkable performance is notably driven by certain applications such as Marinade Finance, which recorded growth of 66%, and Pump.fun, with an increase of 93% over one week. Additionally, the number of active addresses on Solana also increased by 13%, a key indicator of the network's growing adoption.
Furthermore, Solana stands out by its ability to attract innovative projects and keep transaction fees extremely low. Where transactions on Ethereum can cost an average of $2.50, those on Solana average as little as $0.02, providing an undeniable competitive advantage. This factor has played a decisive role in increasing network activity, especially for users who want to avoid the complexity and additional costs of second-layer solutions on Ethereum. Despite a 9% correction in SOL price over two days after peaking at $161.80, these elements indicate strong fundamental support.
A dynamic reinforced by gaming and mobile initiatives
Solana not only saw an increase in its volumes on DApps, but it also strengthened its positioning thanks to strategic initiatives in the field of gaming and mobile applications. The Gameshift project, announced in collaboration with Google Cloud, offers game developers a comprehensive API for integrating digital assets and NFTs into their creations. This partnership could well make Solana a preferred platform for the development of Web3 games, a booming sector.
At the same time, the upcoming release of the Seeker smartphone, supported by Solana Labs and priced at less than $499, promises to attract new users with its improved DApp store and features specially designed for the decentralized ecosystem.
These technological developments provide Solana with additional growth potential, particularly in terms of institutional adoption and the creation of new consumer applications. Moreover, the VanEck report published on September 25, 2024 forecasts a potential increase of 120% for the price of SOL. Thus, the said report focuses on the scalability of Solana and its competitive advantage against Ethereum's second layer solutions. The network also continues to capitalize on its ability to scale quickly, which could lead to increased demand for SOL in the months to come.
The jump in volumes on DApps and strategic initiatives in gaming and mobile applications position Solana as an increasingly influential player in the crypto ecosystem. If the price of SOL has experienced a slight correction, the outlook remains positive with a possibility of an increase towards $180. While the outlook for Solana is positive, it will be important to monitor developments in the crypto market as a whole and Solana's ability to maintain its competitive edge against other competing networks like Ethereum.
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