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Home»ALTCOIN NEWS»Solana: Could soaring indicators add fuel to SOL’s rally?
ALTCOIN NEWS

Solana: Could soaring indicators add fuel to SOL’s rally?

By Crypto FlexsDecember 24, 20232 Mins Read
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Solana: Could soaring indicators add fuel to SOL’s rally?
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  • Solana’s TVL is at its highest level since October 2022.
  • The chain’s DEX trading volume recently hit a yearly high.

Solana’s (SOL) decentralized finance (DeFi) ecosystem has seen a surge in activity over the past two months, with total value locked (TVL) hitting its highest since the beginning of the year, Reuters reported. DeFiLlama.

Source: DefiLlama

At press time, Solana’s TVL was $1.3 billion. The last time the network’s TVL was this high was in October 2022.

For context, the network’s TVL as of January 1st was just $210 million, showing that Solana’s TVL has seen 519% year-to-date (YTD) growth.

In the past month alone, Solana’s DeFi category has seen an impressive 130% growth. This parallels the network-wide growth of layer 1 (L1) blockchain networks during that period.

Solana’s leading DeFi protocols such as Marinade Finance, Jito, and Marginfi have recorded TVL growth of 87%, 55%, and 165% respectively over the past 30 days.

Solana aims to end the year successfully

So far this month we have seen a noticeable increase in demand on our network. An assessment of the chain’s network activity showed that the number of daily active addresses reached a YTD high of 1.26 million on December 17.

Although this has seen a slight retracement, Solana’s daily active address count is up 157% since the beginning of the month.

Source: Artemis

As the number of users on the network increases, you will see a corresponding increase in transactions. The total number of transactions registered on-chain each day on Solana has increased by 23% since December 1.

According to data from Artemis, volume executed through Solana’s decentralized exchange (DEX) hit a YTD high of $2.61 billion on December 22.

This represents a whopping 17,000% of Solana’s DEX trading volume so far this year.

Source: Artemis

As a result of increased activity on Solana over the past 30 days, monthly fees from users are at their highest since the start of the current year.


How much is 1,10,100 SOL worth today?


So far this month, Solana’s trading fees have totaled $3.7 million, according to data from Token Terminal.

Source: Token Terminal

The monthly profit generated through this also reached the highest level since January. With one week to go until the end of the 2023 trading year, the network has recorded monthly revenue of $1.9 million.

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