Solana has seen a dramatic increase in DEX transaction volumes since early March.
SOL is still a long way from its all-time high, which it hit in November 2021 at $260.
The daily number of new addresses on the Solana blockchain has hit a record level as per recent statistics. Based on a seven-day moving average (MA), the daily count of new addresses on the Solana network is presently above 691,000. A rise in the adoption measure indicates real network activity, says Tristan Frizza, founder of Zeta Markets.
Frizza stated:
“It suggests that we’re not only witnessing speculative interest but also that we are poised to see new all-time highs due to this authentic engagement. With Solana already recording more daily transactions than Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its ascent to a top three blockchain by market cap seems inevitable.”
Investors Optimistic
According to Frizza, Solana has seen a dramatic increase in DEX transaction volumes, which have been continuously above the $2 billion daily trading mark since early March.
Frizza further added:
“With bitcoin reaching new all-time highs several times in the past week, similar movements for ether and Solana are anticipated, driven by capital rotations in the markets.”
Moreover, Frizza did point out that Solana is still a long way from its all-time high, which it hit in November 2021 at $260. At the time of writing, Solana is trading at $146.97, up 2.54% in the last 24 hours as per data from CoinMarketCap. The uptick recently is due to optimistic market mood. After Bitcoin’s price soared to a new all-time high over $72,000 on Monday, the majority of altcoins followed suit.