Solana (SOL) has perceived a 40% boost in trading volume and that might be on the path of recovery. This surge occurred after a period of inactivity of SOL, dealing with issues concerning network outages and market competition.
The recent rise in trading volume shows a fresh demand for Solana indicating the platform is a high throughput and low transaction costs. Market analysts suggest that the spike was led by different factors like:
- Recovery in the cryptocurrency market
- Increased activities of developers in the Solana Network
- Growing interest in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) build on Solana’s infrastructure
Solana has maintained a strong developer community and a robust ecosystem. The network can handle thousands of transactions per second at very low fees. This makes Solana a viable alternative to Ethereum for their operations. This surge depicts the recovery of Solana as the trading volume increases. However, while the volume has gone up it is yet to be seen if this will bring about steady rises in the prices of the various products.
As Solana will be experiencing such important weeks, people in the market will closely watch the activities. The increased traffic means the comeback of SOL revival or new troubles while there could arise further challenges.
If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.
