Solana is emerging as one of the most energetic networks given the level of engagement over the last few months. Despite concerns about FTX and whether asset distribution will lead to a collapse, bulls are positive about what lies ahead.
SOL holders expect SOL prices to escalate in the coming days for a number of reasons. While the excitement for “Uptober” may be taken into account, it is all about on-chain activity, directly correlating with demand for SOL.
Solana inverts Ethereum and Layer-2 in terms of transaction volume
In the post on X, one of the analysts notes that Solana registers more volume than Ethereum and its Layer 2 platforms such as Base, Arbitrum and Optimism. Over the last day, Solana saw over $1.6 billion in sales, up 45%.
Ethereum booked over $751 million during this time, up 4%. While Base and Arbitrum saw double-digit and overall impressive growth of 22% and 47% respectively, volume was low.
Base, the fourth largest, recorded $480 million, and the next largest, Arbitrum, recorded $240 million. Polygon, an Ethereum sidechain, saw volume exceeding $93 million, up almost 4%.
Solana outperformed Ethereum and its Layer 2 and exceeded activity on the BNB chain. Although the platform is the third most energetic platform, generating more volume than any of Ethereum 2’s multiple layers, volume dropped almost 3% to $671 million.
Solana’s piercing escalate in transaction volume highlights the network’s role in the broader cryptocurrency ecosystem and users’ preference for highly scalable solutions. Blockchain dependency is also a factor that is being worked on.
Despite a 45% escalate in transaction volume, Solana did not grind to a halt as it did in the past when a surge in activity took the network offline.
Pump.Fun token plans to push SOL above $200?
As Solana improved and became more reliable, low fees and the success of tokens like Bonk and DogWifHat, for example, resulted in an escalate in meme coin activity. Even as Tron launched SunPump, Pump.fun activity is gaining momentum.
Recently the band he said they can launch their native token and provide a meme coin trading portal for professional traders. With the planned release of the native Pump.fun token, activity on the Solana platform may continue to escalate as users look to engage and gain a chance to receive free tokens.
SOL could benefit from this confusion and the surge in on-chain activity. The coin’s quotations exceed the September highs, changing hands at a price of over $166. This breakout could build a base for further gains, pushing SOL above $200 in a continuation buy pattern.
Feature image from Canva, chart from TradingView
