Solana On-Chain Metrics Flash Bullish Signals as SOL Network Outpaces Rivals Ethereum and Arbitrum

According to @SolanaFloor, Solana recently hit a significant 18-month high by reaching 1 million in active wallets over just 24 hours. This represents a massive gain of over 300,000 new wallets, demonstrating tremendous growth in network usage and adoption.

As noted by trader @Trader_CSK, this surge follows immense capitulation and a reset of the Solana ecosystem. From those lows, Solana has already appreciated over 900%, but the real FOMO may just be beginning according to CSK.

Rising Important Fundamentals

In another recent tweet, on-chain analyst @slicedatcherry pointed out Solana’s monthly DEX trading volume broke $6 billion as decentralized finance TVL rebounded past $1 billion.

Moreover, Solana’s NFT sales volume exceeded $13 million, surpassing activity on Ethereum. Overall DEX volume also overtook rival layer-1 Arbitrum over the same 24-hour timeframe.

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Ecosystem Momentum Accelerating

These metrics underscore rapidly expanding utility and demand across major components of Web3 like DEXs, DeFi, and NFTs on Solana. The technical milestones and growth metrics make a compelling case for the increasing bullish momentum.

With Solana decisively breaking into new yearly highs, analysts speculate this run could mark a macro trend continuation for SOL. Compared to alternatives, on-chain activity and technicals support the bull case for Solana potentially sustaining its intense breakout. The foundations seem firmly laid for testing new 2023 highs.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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