Solana (SOL) Price: Network Activity Surges as Dubai Partnership Drives Growth
TLDR
Solana’s transaction volume hit 1.9 billion in the last 30 days, a 62% increase, making it the biggest blockchain network by active addresses and transactions
SOL token is trading at $157.71, up from its year-to-date low of $95.60, with technical analysis suggesting a potential price target of $500
Solana Foundation signed a partnership agreement with Dubai’s Virtual Assets Regulatory Authority (VARA) to boost regulatory collaboration
The Dubai partnership includes plans for talent programs, data sharing, and creating a Solana Economic Zone in Dubai
On-chain data shows network liveliness at 0.76, the lowest in two weeks, indicating investors are holding rather than selling their SOL tokens
Solana price has shown upward movement as the blockchain network reports record transaction volumes and forms new regulatory partnerships. SOL token was trading at $157.71 on Wednesday, marking a recovery from its year-to-date low of $95.60.
The blockchain has emerged as the largest network in the crypto industry by active addresses and transaction volume. Data shows Solana processed 1.9 billion transactions in the last 30 days, representing a 62% increase from the previous period.
This transaction volume puts Solana far ahead of competing networks. BNB Chain, the second-largest blockchain by transaction count, handled 306 million transactions during the same timeframe. Base, Tron, Near Protocol, and Aptos each processed over 132 million transactions.
The gap between Solana and Ethereum is particularly wide. Solana’s transaction count was 47 times higher than Ethereum’s 40 million transactions in the 30-day period. This shows how Solana has moved ahead of Ethereum in terms of network activity.
Solana also leads in active addresses with 123 million users. BNB Chain had 23 million active addresses, while Base, Tron, and Near had lower numbers. Ethereum recorded 6.7 million active addresses during the same period.
The network generated over $43 million in fees over the last 30 days. This exceeded BNB Chain’s $15 million in fees and came close to Ethereum’s $42 million, despite Ethereum having higher transaction costs.
Meme Coin Growth Drives Network Activity
The surge in Solana’s network activity has been driven largely by its meme coin ecosystem. The total market cap of Solana-based meme coins rose to over $15 billion last month, up from $6 billion in April.
Solana offers higher staking yields compared to other major blockchains. The network provides a staking yield of over 7%, which is higher than Ethereum’s 2% and BNB Chain’s 1.5%.
Several companies have announced plans to add SOL tokens to their balance sheets. Upexi, Janover, and Classover have all revealed strategies to accumulate Solana coins, following the corporate treasury model.
The network does face some challenges. Solana’s stablecoin market cap has declined recently, dropping from a high of $13 billion in April to $11 billion currently.
Dubai Partnership Boosts Regulatory Standing
The Solana Foundation recently signed a memorandum of understanding with Dubai’s Virtual Assets Regulatory Authority (VARA). This partnership aims to enhance regulatory collaboration and support blockchain ecosystem development in the region.
#Solana Foundation has signed an MoU with VARA, #Dubai’s Virtual Assets Regulatory Authority, paving the way for deeper collaboration between #crypto builders and regulators.
The partnership includes talent programs, data sharing, founder workshops, and backing for a Solana. pic.twitter.com/2zWOYGcVvz
— Crypto Hawak (@CryptoHawak) June 3, 2025
The agreement includes several key components. It covers talent development programs, economic data sharing initiatives, regulatory workshops, and plans for establishing a Solana Economic Zone in Dubai.
SOL price increased following the partnership announcement, with the token rising 4% after falling more than 10% the previous week. The price recovered from a low near $150, reflecting renewed investor confidence in the project.
Source: TradingView
Technical analysis supports the recent price movement. The TD Sequential indicator issued a bullish buy signal on the 12-hour chart after completing a nine-candle red setup, suggesting potential for further price recovery.
#Solana $SOL looks ready to bounce with the TD Sequential flashing a buy signal on the 12-hour chart! pic.twitter.com/C3uVWwyZPj
— Ali (@ali_charts) June 1, 2025
On-chain data shows investor confidence remains strong. Network liveliness hit 0.76, the lowest level in two weeks, indicating that holders are choosing to keep their tokens rather than sell them.
Dubai has become a major hub for crypto activity due to its progressive regulatory approach. The partnership with VARA positions Solana to benefit from the region’s growing blockchain ecosystem and regulatory clarity.
The post Solana (SOL) Price: Network Activity Surges as Dubai Partnership Drives Growth appeared first on CoinCentral.
Filed under: News - @ June 4, 2025 8:27 am