- Solana dominated other chains in volume.
- TVL was close to its all-time high.
Solana [SOL] has demonstrated a dominant performance in transaction volume. Compared to other notable blockchains, such as Binance Chain and Tron [TRX], it has recorded more transactions over the last 30 days.
This indicated a significant increase in activity and usage of the network, with the only other network showing a slightly significant trend being SUI.
Solana volume shows growth
AMBCrypto’s examination of Solana’s volume on DefiLlama revealed a significant pickup in volume over the past few months. Compared to previous years, the network has experienced considerable volume.
This is indicative of increased activity this year.
In March, the volume surged to over $3 billion before gradually declining but maintaining levels around the $1 billion mark. As of this writing, the volume was almost $1.5 billion.
The notable increase in transaction volume may not be surprising given the recent proliferation of meme coins launched on the network.
Impact on the Solana TVL?
Similar to transaction volume, the Total Value Locked (TVL) on the Solana network has also experienced significant growth this year.
Analysis of the chart on DefiLlama revealed that as of the 22nd of May, the TVL surged to over $4.9 billion, marking its highest point in history.
Although it has slightly declined since reaching this peak, it remained close to this record level. As of this writing, the TVL was around $4.86 billion, just a few million dollars below its all-time high.
Source: DefiLlama
The growth in TVL has been supported by the launch of new assets on the Solana network. Additionally, the upward trend observed in SOL over the past few months has also contributed to this increase in TVL.
How SOL is trending
AMBCrypto’s analysis of Solana’s price trend showed that it had experienced downtrends in recent days. On the 27th of May, it recorded a gain of 4.15%, pushing its price to approximately $170.
Read Solana’s [SOL] Price Prediction 2024-25
However, despite this gain, SOL has struggled to recover from previous declines. The analysis also highlighted the $180 zone as a resistance level.
Source: TradingView
As of this writing, SOL was trading at around $168, showing a negligible gain from the previous trading session.