Surging User Activity on Solana Demonstrates Market Interest, Pushes Trading Volume Beyond Bitcoin and Ethereum

By: Eliza Bennet

The digital asset Solana (SOL) has seen a surge in weekend trading volume, exceeding that of established cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), on major centralized exchanges. The trend was initially noted by a Coinbase director, and further supported by analysis from Paris-based crypto intelligence platform, Kaiko. SOL trading also outperformed BTC and ETH on major exchanges UPbit and MEXC, consolidating its growth pattern.

An increase in Solana network's user engagement has been credited with this record trading volume. The blockchain recorded a significant surge in the number of new addresses created within the month, indicating heightened interest in the network. This user activity, in conjunction with strategic alliances with global financial entities like Visa and Shopify, and the resurgence of decentralized finance activities on the Solana blockchain, have all contributed to Solana’s meteoric rise.

Solana, despite early controversies linked to the now bankrupt FTX cryptocurrency exchange founder, has emerged as a fast-rising star in the cryptocurrency world. Over the year, SOL’s price has surged almost 800%, driven by consistent network usage and its application possibilities. Upon extrapolating the current growth metrics, SOL appears well-positioned to continue its positive trajectory, possibly breaking the $200 price level in the near future.