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Solana (SOL) Price Skyrockets by Over 100% Amid Robust Network Activity

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Solana (SOL) Price Skyrockets by Over 100% Amid Robust Network Activity

Wed, 27/12/2023 – 10:53

Solana (SOL) Price Skyrockets by Over 100% Amid Robust Network Activity
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In a dazzling display of strength, Solana (SOL) has witnessed an extraordinary surge in its price, soaring over 100% in the past 30 days and currently standing at $112.08. While experiencing a minor 1.72% dip in the last 24 hours, the cryptocurrency’s overall trajectory signals a robust and dynamic ecosystem that continues to capture the attention of both users and developers.

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OKX Ventures, a notable player in the cryptocurrency arena, took to X (formerly Twitter) to share insights into Solana’s meteoric rise. The firm observed the sustained attention of new users and developers to Solana’s on-chain activity, which in turn is fueling additional development initiatives. The tweet highlighted Solana’s recent introduction of Solang, a platform empowering developers to craft smart contracts in Solidity instead of Rust, showcasing the platform’s commitment to innovation.

Solana’s strategic focus on composability has positioned it as a preferred platform for the deployment of decentralized applications (dApps). Hosting well-known protocols such as Marinade Finance, Jito, Orca and others, Solana has become a hub for developers seeking a versatile and powerful blockchain ecosystem.

Solana’s on-chain strength

Delving into key growth indicators, over the past 90 days, Solana has experienced a significant uptick in fees, with a remarkable +118.9% increase. Daily Active Users have surged impressively by +395.7% during the same period, underscoring a growing and engaged user base. The year-to-date increase in daily fees from $18,900 to $48,700 (+157%) further reinforces the platform’s expanding utility.

On the on-chain activity front, Solana has demonstrated its scalability with a Transactions Per Second (TPS) rate of approximately 2,314 in the last 24 hours. The SOL staked supply currently stands at 398.55 million, with a staked ratio of 70.49%. Active addresses have consistently exceeded 400,000 in December, accompanied by a steady stream of transactions consistently surpassing 200,000.

In the realm of staking, Solana operates on a secure proof-of-stake (PoS) system, with a staking ratio of around 70%. Active validators, numbering approximately 2,300, play a crucial role in maintaining the network’s security. The platform’s anti-inflation/deflationary monetary policy, coupled with a burning mechanism for 50% of transaction fees, adds an additional layer of resilience.

In essence, Solana’s recent surge in price is not merely a speculative rally but is rooted in its flourishing ecosystem, developer engagement and robust on-chain activity. With the recent introduction of Solang and a growing roster of projects choosing Solana as their blockchain of choice, the platform is well poised to continue its upward trajectory.

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