Solana’s (SOL) defiance of market trends continues as the cryptocurrency’s price has surged by 7.37% in the last 24 hours, reaching $120. Here is the critical report from Santiment!
Momentum in Solana’s Rise
Moreover, SOL’s returns since the beginning of the year have increased thirteenfold. This is an impressive achievement considering the token’s deep plunge at the same time last year due to FUD caused by FTX. According to Santiment, SOL’s daily trading volume exceeded six billion over the weekend and fell slightly to 5.9 billion dollars on Monday. Furthermore, most investors have a positive outlook on Solana, as indicated by the predominantly positive sentiment values.
Solana’s rally has also strengthened on-chain activity. According to a post by cryptocurrency researcher Emperor Osmo, network growth reached a monthly peak in December this year. This could be a sign that many new users are joining the network.
Increased Network Activity on SOL
The increase in network activities coincided with a sharp rise in capital inflow into the Solana ecosystem. According to Oxscope, the total value locked (TVL) in Solana increased by 3.6 billion dollars, representing a 56% increase. In fact, Solana’s TVL growth has overshadowed that of other major smart contract networks such as Ethereum (ETH), BNB Chain, and Avalanche (AVAX). Higher TVL levels indicate the success and popularity of a protocol. Investors actively monitor changes in TVL to make informed decisions about investing in specific networks.
Cryptocurrency analyst Patrick Scott also highlighted scenarios where Solana’s search volume in the US on Google has surpassed Ethereum. According to an analysis related to Hyblock Capital’s data, the market is leaning towards greed, which implies that further accumulation could continue. Consequently, Solana’s rally has strengthened on-chain activity, encouraging network growth. The network size reached a monthly peak in December, indicating that new users are joining the network.
