- There has been a significant surge in the number of transactions taking place on the Solana network.
- Sentiment surrounding the Solana network has waned.
Solana (SOL) has been seeing a surge in network activity since the beginning of the year. This has significantly increased the overall transactions taking place on the network.
Activity on the Solana Network
Solana is experiencing a resurgence in activity after a period of stagnation. Trading volume exploded, with the seven-day average of 38.37 million non-voting transactions, the highest in two years.
Daily transaction volume has been steadily approaching 40 million since early June, indicating a significant increase in network usage. This surge in activity is accompanied by an increase in the user base.
Source: X
On June 12, Solana recorded its third-highest day in terms of active accounts, with over 1.23 million unique wallets interacting with the network.
Additionally, Solana’s DeFi sector has also been observed to be thriving. The number of weekly traders on the Solana-based DEX hit an all-time high of 3 million in early June, according to data from Dune Analytics.
Source: Dune
According to data provided by DefiLlama, the total value locked (TVL) of Solana DeFi projects has remained above $4 billion, despite a slight decline compared to its May peak.
This demonstrates investors’ continued confidence in the Solana DeFi sector.
Solana’s largest DEX, Raydium, continues to dominate, holding approximately two-thirds of the TVL and trading volume of all Solana DEXs.
Source: DeFi Llama
Social activities were denied.
Despite the increasing availability of the Solana network, there are some challenges facing the network on the social side.
AMBCrypto’s analysis of Santiment’s data shows that social volume around Solana has decreased substantially over the past few days.
At the same time, Weighted Sentiment also decreased, meaning that the number of negative comments about Solana increased compared to positive comments.
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Declining interest in Solana on social platforms could hinder the potential growth of the Solana network in the long term. At press time, SOL was trading at the following prices: $137.54 The price has fallen 8.70% over the past week.
Trading volume also decreased by 28% during this period.
Source: Santiment