Solana is emerging as one of the most active networks, looking at engagement levels over the past few months. Despite concerns about FTX and whether the stock distribution will lead to abandonment, bulls are optimistic about what’s to come.
Management expects SOL prices to move higher in the coming days for a number of reasons. While the excitement of “Uptober” may be an afterthought, it’s all about on-chain activity, which is directly related to SOL demand.
Solana Flips Ethereum And Layer-2s In Transaction Volume
In the post on X, one commenter notes that Solana registers more volume than Ethereum and its lay-2 platforms like Base, Arbitrum, and Optimism. In the last day, Solana posted a volume of more than $1.6 billion, adding 45%.
Ethereum shipped more than $751 million during this period, up 4%. While there was double-digit and generally impressive growth in Base and Arbitrum, at 22% and 47%, respectively, volume was low.
Base, the fourth largest, recorded $480 million, while Arbitrum, next, registered $240 million. Polygon, Ethereum’s sidechain, posted more than $93 million in volume, up nearly 4%.
Solana outperformed Ethereum with its 2 layers and outperformed BNB Chain. Although the platform is the third most active, generating more volume than any Ethereum layer-2s, the volume decreased by about 3% to $ 671 million.
The increase in Solana’s transaction volume points to the network’s role in the broader crypto ecosystem and user preference for such solutions. Blockchain reliability is also a factor being worked on.
Despite the increase in transaction volume by 45%, Solana did not stop, as was the case in the past when the increase in activity forced the network to go offline.
Pump.Exciting Token Plans To Push SOL Above $200?
As Solana evolves and becomes more reliable, lower fees and the success of tokens like Bonk and DogWifHat, for example, have seen an increase in meme coin activity. Even as Tron launches SunPump, Pump.fun’s work is growing.
Recently, the group said they may launch their own native token and release a meme coin trading portal for professional traders. With the planned release of the native Pump.fun token, activity on Solana can continue to increase as users try to get involved and have a chance to earn free tokens.
In this chaos and spike in on-chain activity, SOL can benefit. The coin is trading above September highs, changing hands above $166. This breakout could form the basis for further gains, pushing SOL above $200 in a continuation of the buying trend.
Featured image from Canva, chart from TradingView
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