Multi-year high for Solana (SOL) in January

In January the Solana (SOL) network crossed $1 trillion in transaction volume

Transaction volume on the Solana (SOL) network

In a remarkable achievement, the transaction volume on the Solana network soared past $1 trillion in January, marking a multi-year high. The Block's dashboard reveals a 30% increase in transaction volume compared to December 2023, amounting to an impressive $738.8 billion.

All time high

Online transactions have reached an all-time high since September 2022, reaching an astonishing $1.55 trillion. Experts are astounded by the substantial growth in blockchain activity, surpassing the levels witnessed in both 2023 and most of 2022.

As an example, transaction volume on the Solana network hit a meager $40 billion in September 2023, emphasising the significant progress achieved since then. The number of registered addresses on the Solana blockchain reached its highest point in several months during January. Surpassing 10 million, the count of new Solana addresses reached its peak since May 2022 when the number stood at 11.72 million.

Positive momentum for Solana

Adding to the positive momentum, the native token of Solana, SOL, has displayed consistent growth. In just the past week, the asset's price has surged by approximately 12%. As of now, the cryptocurrency is trading around $98. Despite challenging market conditions, Solana has outperformed Ethereum (ETH) over the past year, showcasing its resilience and strength. Interestingly, the approval of the Bitcoin (BTC) ETF did not significantly impact Solana's price, highlighting its unique market response compared to other assets.

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