BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Solana is Up 30% This Week and Here is Why

by Conie
March 2, 2024
in CRYPTO
Reading Time: 3 mins read
A A
3
SHARES
54
VIEWS
Share on XShare in TelegramShare on Reddit
  • Total value locked on Solana has increased 30% in 2023, indicating growing decentralized app usage and demand for SOL.
  • Trading volumes on Solana dApps like OpenSea, Jito and Saber have surged recently without requiring more SOL deposits.
  • Solana’s ability to handle transaction spikes gives it an advantage over rivals, suggesting room for further growth if network usage continues rising.

The native token of the Solana blockchain, SOL, has seen impressive gains recently. After hitting a 23-month high on March 1st, the token is up 34.5% over the past week. This rally has fueled speculation about what is driving SOL’s outperformance and whether it can be sustained long-term.

What Triggered the Rally?

Between December and late February, SOL saw only modest gains compared to competitors like Ethereum and Tron. The major price movement occurred in the past week. Alongside SOL, some Solana-based memecoins also saw spikes in demand. Additionally, a New York Times article discussing Sam Bankman-Fried’s endorsement of SOL was published around the start of the rally. However, the direct impact of this on price is unclear.

Evaluating Network Activity

To assess whether increased speculative interest or growing network usage is fueling SOL’s gains, Solana’s network metrics should be analyzed. SOL is required for activities across decentralized apps, trading, staking and NFT marketplaces on Solana. Therefore, metrics like total value locked in smart contracts and volumes across dApps can indicate underlying demand and usage.

Total Value Locked Trends

Solana’s total value locked recently hit a multi-month high of $4.07 billion SOL. This represents a 30% increase in 2023 so far, outpacing competitors like Ethereum and BNB Chain. This points to Solana attracting greater decentralized app activity and usage recently.

JUST IN: Solana $SOL is up 30% this week 🚀 pic.twitter.com/fgsGIZZTvG

— BlockNews.com (@blocknewsdotcom) March 1, 2024

Decentralized App Trading Volumes

While total value locked has increased, certain dApps are seeing huge volumes without requiring substantial SOL deposits. For example, top NFT marketplace OpenSea saw $7.8 billion in weekly volume on Solana. Other dApps like staking platform Jito and DEX Saber saw triple digit percentage increases in volume over the past week.

The Road Ahead

Solana’s ability to manage spikes in transactions has given it an edge over rival networks like Avalanche which suffered an outage from surging activity. While Solana has also faced issues like the February outage, its network metrics do not indicate SOL has peaked. Continued growth in usage and activity will likely fuel further upside for the token.

Tags: AvalancheBlockchaincryptoethereumNFTSOL
Tweet1ShareShare
Previous Post

Is OpenAI the Next WeWork? Scrutiny Intensifies Over AI Giant’s Path

Next Post

Reddit Seeks Up to $6.5 Billion Valuation in Upcoming IPO

DON'T MISS THESE! HOT OFF THE PRESS

Here’s Why Dogecoin’s Jumping Again Today
CRYPTO

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?
CRYPTO

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself
CRYPTO

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Load More

Related News

Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin US Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.