- Solana’s network expansion reached a monthly high in December 2023.
- TVL on Solana increased by $3.6 billion last week, representing a 56% increase
Solanas [SOL] The gravity-defying rally continued on Christmas Day as well, as the coin rose 7.37% to $120 in the past 24 hours, AMBCrypto noted using CoinMarketCaps facts.
Solana is unstoppable
This has seen SOL’s year-to-date (YTD) returns explode by a factor of 13, an impressive feat considering the asset sank at the same time last year due to FTX-induced FUD.
The rally attracted a swarm of profit-hungry traders. SOL’s daily trading volume shot past six billion over the holiday weekend, with a small dip to $5.9 billion at Christmas, according to Santiment.
Source: Santiment
Moreover, most investors were optimistic about Solana, as evidenced by the positive values of the weighted sentiment.
Solana’s rally has also boosted its on-chain activity. According to a post from crypto researcher Emperor Osmo, network growth reached a monthly peak of the year in December. This was a sign that many new users were joining the network.
The number of new ones $SOL addresses reached a new monthly high for the year. pic.twitter.com/YElaVaRy8t
– Emperor Osmo
(@Flowslikeosmo) December 26, 2023
The main indicators point to a healthy peak
The jump in networking activity was accompanied by a sharp jump in capital inflows into the Solana ecosystem. The total value (TVL) on Solana increased by $3.6 billion, which represents an increase of 56% according to Oxscope.
In fact, Solana’s TVL growth dwarfed that of other major smart contract networks like Ethereum [ETH]BNB chain and Avalanche [AVAX].
Source: Oxscope
Higher TVL levels indicate success and popularity of the protocol. Investors are actively exploring changes in TVL to make informed decisions about investing in particular networks.
Interest in Solana is increasing enormously
The story surrounding Solana was such that it surpassed Ethereum in Google search volume in the US, as highlighted by crypto analyst Patrick Scott.
Search volume is turning around https://t.co/hVMPctYonE pic.twitter.com/E3NY7BNXZk
—Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) December 25, 2023
How much are 1,10,100 SOLs worth today?
And the best may be yet to come. According to AMBCrypto’s analysis of Hyblock Capital’s data, the market was leaning towards greed, implying that further accumulation could continue.
This in turn could push SOL further north.
Source: Hyblock Capital