- The number of transactions on the Solana network has increased significantly.
- Sentiment around the Solana network dropped.
Solana [SOL] has seen an increase in activity on its network since the beginning of the year. As a result, the network saw a huge increase in the number of transactions.
Activity on the Solana network
Solana is experiencing a revival of activity after a period of stagnation. Transaction volume exploded, with the seven-day average of non-voting transactions reaching a two-year high of 38.37 million.
The number of daily transactions has consistently hovered around 40 million since the beginning of June, indicating a significant increase in network usage. This increase in activity is accompanied by a growing user base.
Source:
On June 12, Solana witnessed its third highest day ever in terms of active accounts, with over 1.23 million unique wallets interacting with the network.
Moreover, it also appeared that the DeFi sector was flourishing on Solana. Data from Dune Analytics shows that the weekly number of traders on Solana-based DEXs reached an all-time high of 3 million earlier in June.
Source: Dune
Despite a slight decline from the May peak, the total value (TVL) of Solana DeFi projects remained well above $4 billion, according to DefiLlama data.
This indicated continued investor confidence in the Solana DeFi space.
Raydium, the largest DEX on Solana, remained a dominant player, controlling approximately two-thirds of the TVL and trading volume of all Solana DEXs.
Source: DeFi Lama
Social activity decreased
Although usage of the Solana network increased, there were some issues the network faced on a social level.
AMBCrypto’s analysis of Santiment’s data showed that social volume around Solana had dropped significantly in recent days.
In combination with this, weighted sentiment had also fallen, implying that the number of negative reactions around Solana had increased compared to the positive ones.
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This declining interest in Solana on social platforms could hinder the potential growth of the Solana network in the long term. At the time of writing, SOL was trading up $137.54 and the price was down 8.70% over the past week.
The volume traded was also down 28% during this period.
Source: Santiment