Solana (SOL), one of the popular altcoins, has managed to impress many investors with its over 500% price increase since the beginning of the year. The protocol has set a new record with its highest daily transaction volume.
The Dominant Rising Trend in Solana’s Daily Transaction Volume
According to the data provided by the crypto data intelligence platform Artemis, Solana’s daily transaction volume reached a record high of 51.63 million. This impressive milestone emerged as a significant deviation from the general trend, as this specific metric has been around the 20 million level at least since the end of August this year.
Based on various fundamental news from the Solana protocol, buyers have been constantly trying to push the total transaction volume beyond the 20 million level. One of these attempts was recorded on September 13 with approximately 18.58 million transactions. A significant increase was recorded on October 23 when the daily total transaction volume reached 19.93 million. With these transactions, the Solana network surpassed its competitors such as Ethereum (ETH), Polygon (MATIC), Aptos (APT), and Near Protocol (NEAR).
On November 23, Solana’s daily transaction volume reached 21.1 million, while Ethereum’s total transaction volume was measured as 1.12 million and Polygon’s as 7.87 million according to Artemis. The total transaction volume in other competing blockchains such as Aptos and Near Protocol was realized as 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, as there is a deep consolidation in the overall cryptocurrency market. SOL is currently trading at $59.28 with a 2.93% increase in the last 24 hours.
Furthermore, the massive total transaction volume recorded on the network contributed to an increase of 6% in SOL’s trading volume, reaching $1.21 billion, making it the 5th largest cryptocurrency by trading volume.
As known, Solana started the year with a very negative note due to the bankruptcy of the cryptocurrency exchange FTX in November of the previous year. FTX had made a significant investment in Solana, dampening investors’ sentiment about the protocol’s future at the beginning of the year. After a series of efforts by Solana developers and the community, including a series of settlements, the altcoin managed to return to its pre-FTX price level at the beginning of this month.