- Solana’s high TPS might have attracted more users as the number of active addresses increased.
- SOL’s price action remained bullish, rising 20% last week.
Solana [SOL] has created a lot of excitement in the crypto space, not only because of its price, but also because of its network metrics. In fact, the blockchain has outperformed other top players such as Polygon [MATIC] on a key front.
Solana is at the top of the table
The last facts from CoinGecko revealed that Solana is number one on the list of blockchains based on transactions per second (TPS).
This feat demonstrated the efficiency and reliability of the blockchain as it processed the maximum number of transactions within a given time frame.
In addition to SOL, Sui, Binance Smart Chain and Polygon also reached the top four on the same list. However, it was interesting to note that while Polygon’s TPS was at 190, Solana had a big lead as the TPS was 1053. Ethereum was lower on the list with a TPS of just 22.
AMBCryto’s look at Solana Explorer revealed that, at the time of writing, the TPS was of SOL 2303.
Source: Solana Explorer
AMBCrypto then controlled Artemis’ facts to see if Solana’s high TPS had any impact on network activity. We found that SOL’s daily active addresses have increased over the past three months. The number peaked in mid-March at more than 2.4 million.
However, despite an increase in the number of daily active addresses, the blockchain’s daily transaction volume remained somewhat similar to that of early February.
Notably, SOL’s daily transactions saw a large increase on April 11, but this trend did not continue.
Source: Artemis
Things in terms of captured value weren’t looking good for the blockchain either. SOL’s fees registered a huge drop after peaking on March 18.
Thanks to the drop in fees, blockchain revenues have also followed a similar downward trend in recent weeks. Nevertheless, SOL’s performance on the DeFi front remained steady as its TVL continued to grow.
Solana investors are thrilled
In the meantime, SOL’s price action gained bullish momentum. According to CoinMaerketCapSOL is up more than 20% in the past seven days.
At the time of writing, it was trading at $178.08 with a market cap of over $79.9 billion. Surprisingly, the price hike did not help fuel bullish sentiment in the market as the weighted sentiment remained in the negative zone.
Source: Santiment
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The bearish sentiment around SOL may not be enough to stop the bulls. AMBCrypto’s analysis of SOL’s daily chart revealed that the Relative Strength Index (RSI) registered a massive increase.
The Chaikin Money Flow (CMF) also looked bullish as it stood at 0.15 at the time of writing. The indicator in question was the Money Flow Index (MFI), as it indicated that the price of SOL could undergo a correction.
Source: TradingView