The Solana on-chain transaction volume exploded in December, as the SOL, the native token, punched through various price levels in the month. SOL continued this price growth into early January but has since declined to shed some of its gains.
On the other hand, on-chain data has revealed a consistent increase in the transaction volume on the blockchain, with volumes exploding by over 700% in the last 30 days.
**Summary: Solana Transaction Volumes Surge 700% To New Records Amid Calls For SOL To $200**
1. **December Price Surge:** SOL, the native token of Solana, experienced significant price growth in December, reaching various levels. While the price has since declined, on-chain transaction volumes have continued to rise.
2. **On-Chain Transaction Explosion:** Solana’s on-chain transaction volume skyrocketed by over 700% in the last 30 days, showcasing a substantial increase in the blockchain’s popularity. Daily transaction volumes peaked at $42.72 billion on January 3, marking a 700% increase from $5.47 billion on December 3.
3. **Preferred Chain for Stablecoin Usage:** Solana has become the preferred blockchain for stablecoin usage, surpassing Ethereum in weekly stablecoin trading volume. In December, Solana witnessed $426.87 billion in SOL moved, compared to $97.82 billion worth of ETH on the Ethereum chain.
4. **Interest in SOL-Based Meme Coins:** The surge in value moved on Solana is attributed not only to SOL’s popularity but also to the rising interest in SOL-based meme coins like BONK and MYRO, contributing to increased trading volumes.
5. **Current SOL Price and Outlook:** SOL is currently trading at $90, experiencing an 11.6% decline in the past seven days. Despite the short-term decline, the monthly and daily transaction volumes suggest sustained interest in the chain. If bullish sentiment returns, SOL may see price growth, with resistances at $97, $109, $115, and $125.
6. **Long-Term Promise:** Despite the recent decline, Solana shows promise in the longer term, with potential for price growth if the current trend of sustained interest continues.
**Source:** The Block, Tradingview.com