The post Solana: What to expect as SOL shows no signs of slowing down appeared on BitcoinEthereumNews.com.

Solana’s network expansion hit a monthly high in December 2023. The TVL on Solana increased by $3.6 billion over the week, representing a 56% rise Solana’s [SOL] gravity-defying rally continued on Christmas day as well, as the coin pumped 7.37% in the last 24 hours to touch $120, AMBCrypto observed using CoinMarketCap’s data. Solana is unstoppable With this, SOL’s year-to-date (YTD) returns have exploded by 13x, an impressive feat considering the asset sank to its depths at the same time last year due to FTX-induced FUD. The rally attracted a swarm of profit-hungry traders. SOL’s daily trading volume shot past six billion over the festive weekend with a minor pullback to $5.9 billion on Christmas, as per Santiment. Source: Santiment Moreover, most investors were bullish on Solana as evidenced by the positive values of weighted sentiment. Solana’s rally has also powered its on-chain activity. As per a post by crypto researcher Emperor Osmo, its network growth reached a monthly peak in December for the year. This was a sign that a lot many new users onboarded the network. The number of new $SOL addresses hit a new monthly high for the year. pic.twitter.com/YElaVaRy8t — Emperor Osmo (@Flowslikeosmo) December 26, 2023 Key indicators show a healthy spike The jump in network activity came alongside sharp jump in capital inflows to the Solana ecosystem. The total value locked (TVL) on Solana increased by $3.6 billion, representing a 56% rise, according to Oxscope. In fact, Solana’s TVL growth dwarfed that of other major smart contract networks like Ethereum [ETH], BNB Chain, and Avalanche [AVAX]. Source: Oxscope Higher TVL levels indicate success and popularity of the protocol. Investors actively examine changes in TVL in order to make informed decisions about investing in certain networks. Interest for Solana soars Such was the narrative around Solana that…

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Filed under: News - @ December 26, 2023 5:16 pm