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.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


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.