Solana
Everything you need to know about Solana breaking the 1,000 TPS barrier again
- Solana Dominates Ethereum on Network Speed Front
- The price of SOL has increased by more than 3% in the last 24 hours
Solana [SOL] has been popular for many years now due to its robust network activity. Blockchain is in the news again today after one of its key metrics hit a milestone, clearly highlighting the reliability and efficiency of blockchain.
And, while this was happening, the altcoin’s price action also turned bullish on the charts.
Solana becomes faster than others
SolanaFloor, a popular X handle that shares updates related to the blockchain ecosystem, recently posted a tweet highlighting this new development. According to the same report, Solana’s actual transactions per second have surpassed 1,000, reaching 1,005.
This clearly reflects the efficiency of blockchain and its speed. To put things into perspective, AMBCrypto looked at SOL and Ethereum [ETH] Statistics. On one hand, SOL’s maximum recorded TPS was over 7,000, while ETH’s was 62 tx/s. Similarly, SOL also largely dominated ETH in terms of real-time TPS.
Source: Chainspect
AMBCrypto then took a look at Artemis data to better understand blockchain network activity. According to our analysis, Solana’s daily transactions have increased in the past month.
At press time, the figure stood at 47.3 million. However, despite the increase in transactions, the blockchain’s daily active addresses didn’t increase much last month. On the value captured side, things weren’t looking good either. This is the case, as fees and revenues have plummeted in recent weeks.
Source: Artemis
A bullish turn in the charts
Meanwhile, Solana bulls stepped up their game as they managed to paint SOL’s daily and weekly charts green.
According to CoinMarketCapSOL has increased by more than 3% in just 24 hours. At the time of writing, Solana was trading at $139.89 with a market cap of over $64 billion, making it the fifth-largest cryptocurrency.
We then checked SOL’s on-chain data to see if this new bullish momentum would last. We noticed that SOL’s trading volume has been dropping over the past week while its price has been increasing. This is generally seen as a bearish signal. Its open interest has also been moving sideways, indicating a few days of slowdown.
Additionally, it was surprising to see a decline in SOL’s weighted sentiment as this indicated the dominance of bearish sentiment in the cryptocurrency market.
Source: Santiment
Nevertheless, most technical indicators remained bullish on the charts.
For example, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both registered gains. The MACD showed a clear bullish advantage over the market, highlighting the strong chances of SOL moving higher again.
Source: TradingView
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If the bullish rally continues, investors could soon see SOL reach $147.4 in a few days as liquidations would increase at this level.
However, if a bearish takeover occurs, then SOL could drop to $133 in the coming days.
Source: Hyblock Capital