- Solana dominated other chains in terms of volume.
- TVL was close to its all-time high.
Solana [SOL] has shown a dominant performance in terms of transaction volume. Compared to other notable blockchains, such as Binance Chain and Tron [TRX]it has recorded more transactions in the past 30 days.
This indicated a significant increase in activity and usage of the network, with the only other network showing a somewhat significant trend, namely SUI.
Solana volume shows growth
AMBCrypto’s examination of Solana’s book DefiLlama showed a significant increase in volume in recent months. Compared to previous years, the network has seen a significant volume.
This indicates increased activity this year.
In March, volume rose to over $3 billion before gradually declining but remaining at around $1 billion. At the time of writing, the volume was almost $1.5 billion.
The notable increase in transaction volume should not be surprising given the recent proliferation of meme coins launched on the network.
Impact on the Solana TVL?
Like transaction volume, Total Value Locked (TVL) on the Solana network has also seen significant growth this year.
Analysis of the chart on DefiLlama showed that the TVL rose to over $4.9 billion on May 22, marking the highest point in history.
Although it has fallen slightly since reaching this peak, it has remained close to this record level. At the time of writing, TVL was around $4.86 billion, just a few million dollars below its all-time high.
Source: DefiLlama
TVL’s growth was supported by the launch of new assets on the Solana network. Moreover, the upward trend observed in SOL in recent months has also contributed to this increase in TVL.
How SOL is trending
AMBCrypto’s analysis of Solana’s price trend showed downward trends in recent days. On May 27, it posted a gain of 4.15%, bringing the price to around $170.
Read Solana’s [SOL] Price forecast 2024-25
However, despite these gains, SOL has struggled to recover from previous declines. The analysis also highlighted the $180 zone as a resistance level.
Source: TradingView
At the time of writing, SOL was trading around $168, showing negligible gains from the previous trading session.