Solana (SOL) is clearly one of the most popular altcoins at the moment. The price has already risen by 1,200%, outperforming not only Bitcoin (BTC) but also many competing altcoins. The Solana blockchain is also doing well. The number of transactions has reached an annual record.
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Solana blockchain popular again
This is evident from on-chain data collected by The Block. The peak so far was in early April, when the blockchain was also very popular thanks to the Bitcoin congestion. The Ordinals service for non-fungible tokens (NFTs) on the Bitcoin blockchain caused very slow and, above all, very expensive transactions.
A high-priority Bitcoin transaction cost the equivalent of $26 at the beginning of May. That’s a 21-fold increase compared to April 23, when it cost just 87 dollar cents.
A similar problem occurs with Ethereum (ETH). Due to the high load on the network, the average transaction costs are also relatively high.
Now the number of Solana transactions that are not related to voting for the protocol has risen sharply again. The value peaked last Saturday with 34.1 million transactions in 7 days. The peak last April was around 32.4 million units over the same period. This is also a significant increase compared to the beginning of December, when the value was only 20.9 million transactions.
In addition, the monthly number of active users also reached another record in December.
The Solana token is growing rapidly in 2023
Solana has become one of the most popular cryptocurrencies on the market. Solana price is currently at $105, giving the coin a market value of $44 billion.
Since overtaking XRP, it has become the fifth largest cryptocurrency. For a while it was also larger than Binance’s BNB, but that is no longer the case.
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