In a stunning demonstration of power, Solana (SOL) has had an incredible price increase, rising by more than 100% over the last 30 days to $112.08. The cryptocurrency’s overall trajectory indicates a strong and active ecosystem that continues to draw interest from developers and consumers, despite a little 1.72% decline over the past 24 hours.
A prominent participant in the cryptocurrency space, OKX Ventures, used X (previously Twitter) to provide information about Solana’s explosive growth. The company saw that developers and new users were consistently paying attention to Solana’s on-chain activity, which is encouraging further development efforts. The tweet showcased Solana’s dedication to innovation by highlighting the platform’s recent launch of Solang, which enables developers to create smart contracts in Solidity rather than Rust.
https://x.com/OKX_Ventures/status/1739907994798964884?s=20
Because of its deliberate focus on composability, Solana is now considered the platform of choice for deploying decentralised applications (dApps). With popular protocols like Jito, Orca, Marinade Finance, and others hosted there, Solana has grown to be a destination for developers looking for a robust and flexible blockchain environment.
Solana’s on-chain strength
Examining key growth metrics, Solana has seen a notable increase in fees over the last ninety days—a whopping +118.9% increase. Over the same time period, Daily Active Users have increased significantly by +395.7%, indicating a growing and active user base. The platform’s growing utility is further supported by the daily fees increase of $18,900 to $48,700 (+157%) so far this year.
With 2,314 Transactions Per Second (TPS) in the previous 24 hours, Solana has shown its scalability in terms of on-chain activity. At now, the SOL has 398.55 million staked, resulting in a 70.49% staked ratio. December has seen a sustained increase in active addresses over 400,000 and a consistent increase in transactions over 200,000.
Regarding staking, Solana uses a proof-of-stake (PoS) method that is secure and has a staking percentage of about 70%. There are over 2,300 active validators, and they are essential to keeping the network secure. An further degree of robustness is added by the platform’s anti-inflation/deflationary monetary policy and burning mechanism for 50% of transaction fees.
Essentially, Solana’s recent price increase is not only a result of speculation; rather, it is a result of its thriving ecosystem, active development community, and active on-chain activities. With Solang’s latest release and an increasing number of companies using Solana as their preferred blockchain, the platform is well-positioned to keep expanding.
