- 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
(@Flowslikeosmo) 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 it surpassed Ethereum in Google search volume in the U.S., as highlighted by crypto analyst Patrick Scott.
The search volume flippening https://t.co/hVMPctYonE pic.twitter.com/E3NY7BNXZk
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) December 25, 2023
How much are 1,10,100 SOLs worth today?
And the best may be yet to come. As per AMBCrypto’s analysis of Hyblock Capital’s data, the market was tilted towards greed, implying that further accumulation might continue.
This, in turn, could push SOL further to the north.
Source: Hyblock Capital