spot_imgspot_imgspot_img

Daily Transaction Count on the Solana Network Hits a New Record: Current Status of SOL Price!

  • Solana (SOL), with its impressive price increase this year, has attracted many investors and set a new record by reaching the highest total daily transaction count.
  • When the daily transaction count on Solana reached 21.1 million on November 23, according to Artemis, Ethereum’s transaction count was recorded at 1.12 million, and Polygon’s was 7.87 million.
  • While the overall crypto world experiences deep consolidations, Solana (SOL) remains one of the best-performing altcoins in the market.

Solana network and SOL token price, which took a major hit during the FTX collapse, are recovering: Daily transactions on the network are making history!

Daily Transactions on the Solana Network Making History

solana-sol

Solana (SOL), with its impressive price increase this year, has attracted many investors and set a new record by reaching the highest total daily transaction count. According to data from Artemis, Solana reached 51.63 million, the highest daily transaction count of the year. This significant milestone came as a notable deviation from the general trend of this specific metric playing around the 20 million mark since at least late August.

Based on various fundamental news from the Solana protocol, buyers attempted to push this transaction threshold above 20 million. One such attempt was recorded on September 13, where Solana (SOL) recorded approximately 18.58 million total daily transactions.

A strong surge was recorded on October 23 when the total daily transactions reached 19.93 million. While these transactions are incomparable to the newly recorded high levels, they overshadow transactions of competing protocols such as Ethereum (ETH), Polygon (MATIC), Aptos (APT), and Near Protocol (NEAR).

When Solana’s daily transaction count reached 21.1 million on November 23, according to Artemis, Ethereum’s transaction count was recorded at 1.12 million, and Polygon’s was 7.87 million. The transaction counts for competing chains like Aptos and NEAR were 302.83 thousand and 1.77 million, respectively.

What is the current price of Solana?

While the overall crypto world experiences deep consolidations, Solana (SOL) remains one of the best-performing altcoins in the market. At the time of writing, the coin is trading at $59.28, up by 2.93%, bringing its weekly increase to 1.53%. This significant transaction count contributed to a 6% increase in SOL’s trading volume, bringing its market capitalization to $1,215,394,579 and ranking it fifth among all cryptocurrencies.

Solana had a rough start last November due to the collapse of the FTX Derivatives Exchange. FTX had significant exposure to Solana, and this situation weakened investor sensitivity to the protocol’s future earlier this year. Following the ongoing efforts of SOL and Solana developers and the community, the coin returned to its pre-FTX price level earlier this month, and the increased daily transaction count indicates overall improvement in the health of the network across all areas.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.

Ripple Initiates Collaboration with Zoniqx to Empower Asset Tokenization

Ripple, a leading enterprise blockchain and crypto solutions provider, joins forces with Zoniqx: Here are the details!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
spot_imgspot_imgspot_imgspot_img

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?