The Remarkable Surge of Solana’s Daily Transaction Volume

The Remarkable Surge of Solana’s Daily Transaction Volume

Solana (SOL), a popular altcoin, has seen a remarkable price increase of over 500% since the beginning of the year. Notably, the protocol has achieved a new record with its highest daily transaction volume.

The Dominant Rising Trend in Solana’s Daily Transaction Volume

According to data provided by the crypto data intelligence platform Artemis, Solana’s daily transaction volume reached a record high of 51.63 million. This milestone represents a significant deviation from the general trend, as the metric had consistently hovered around the 20 million level since the end of August this year.

Various fundamental news from the Solana protocol indicates that buyers have been consistently attempting to surpass the 20 million transaction mark. Noteworthy attempts were recorded on September 13 with approximately 18.58 million transactions and on October 23 when the daily total transaction volume reached 19.93 million. Solana outperformed its competitors, including Ethereum (ETH), Polygon (MATIC), Aptos (APT), and Near Protocol (NEAR).

• On November 23, Solana’s daily transaction volume reached 21.1 million.
• Ethereum’s total transaction volume was measured as 1.12 million.
• Polygon’s total transaction volume was 7.87 million according to Artemis.
• Aptos and Near Protocol recorded total transaction volumes of 302.83 thousand and 1.77 million, respectively.

SOL’s Reaction to the Increase in Transaction Volume

Solana stands out as one of the best-performing altcoins in the market today, despite the overall cryptocurrency market’s deep consolidation. SOL is currently trading at $59.28 with a 2.93% increase in the last 24 hours.

Additionally, the massive total transaction volume recorded on the network contributed to a 6% increase in SOL’s trading volume, reaching $1.21 billion. This positions Solana as the 5th largest cryptocurrency by trading volume.

Earlier in the year, Solana faced challenges, including the bankruptcy of the cryptocurrency exchange FTX in the previous November. FTX’s significant investment in Solana dampened investor sentiment about the protocol’s future. After concerted efforts by Solana developers and the community, including settlements, the altcoin managed to return to its pre-FTX price level at the beginning of this month.