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- The number of transactions on the Solana network has surged significantly.
- Interest and sentiment regarding the Solana network have seen a decline.
- According to recent data, Solana’s daily non-voting transaction volume has reached new highs.
Discover the latest trends and challenges within the Solana network, a frontrunner in the crypto world, and its recent transaction surge contrasted with waning social sentiment.
Increasing Activity on the Solana Network
Since the start of this year, Solana has witnessed a significant increase in network activities after a prolonged period of stagnation. The 7-day moving average of non-voting transactions soared to an impressive 38.37 million, marking a record not seen in two years.
Throughout June, daily transactions maintained a stable average of around 40 million, highlighting a considerable boost in network usage and a growing user base.
Impact on Solana’s Decentralized Finance (DeFi) Sector
On June 12th, Solana achieved a milestone with over 1.23 million unique wallets engaging with the network, marking its third-highest day in terms of active accounts.
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The DeFi aspect of the network has also experienced substantial growth. Dune Analytics reported that Solana-based decentralized exchanges (DEXs) observed their highest weekly number of traders, hitting a peak of 3 million earlier in June.
Despite a slight decrease from the peak figures in May, DefiLlama data confirms that the total value locked (TVL) in Solana DeFi projects remained above $4 billion, signifying sustained investor confidence. Raydium continues to dominate as the primary DEX on Solana, accounting for around two-thirds of the total TVL and trading volume among Solana DEXs.
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Declining Social Sentiment
Conversely, the Solana network has faced challenges regarding social sentiment. According to COINOTAG’s analysis via Santiment, there has been a marked decline in Social Volume surrounding Solana over recent days.
The analysis also highlighted a downturn in Weighted Sentiment, suggesting an increase in negative remarks compared to positive ones within the community.
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Such declining interest on social platforms could potentially impede the future growth of the Solana network. Additionally, Solana’s native token, SOL, was trading at $137.54 at the time of the latest report, reflecting an 8.70% decrease over the week. The trading volume also saw a drop of 28% during this period.
Conclusion
In summary, the Solana network is experiencing a notable resurgence in transaction activity and DeFi engagements, indicating a healthy ecosystem with growing user participation. However, the decline in social sentiment could present challenges to its long-term growth trajectory. Continuous monitoring and strategic interventions will be necessary to sustain and capitalize on the current momentum.
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