Solana
The Solana and Sui networks are showing strong activity: what is causing this increase?
- The Solana and Sui networks saw an increase in daily activity.
- Social activity on the network also dropped significantly, indicating a decline in popularity.
Solana [SOL] And Sui Network[SUI] had a positive quarter and saw growth on many fronts.
Increasing activity
Solana and SuiNetwork currently dominate the blockchain industry in monthly wallet transactions and have consolidated their dominance in the industry.
Source:
The daily number of transactions on the Solana network at the time of writing was around 31 million.
The Sui network, on the other hand, saw a decline. The total number of transactions on the network had fallen to 7 million.
The number of daily active addresses on the Solana network had fallen to 1.5 million. For the Sui network, the number of daily active addresses was 918,000.
Source:
DEX (Decentralized Exchange) volumes on both networks have fallen. DEX volumes for Solana increased from $3.8 billion to $549 million.
For Sui, it went from $151 million to $18.9 million.
However, the TVL (Total Value Locked) for both networks remains the same. Solana’s TVL has been hovering around the $4.8 billion mark over the past few weeks.
Navigation was also regular for the Sui network. TVL remained stable around $707 million during the same period.
Source: Artemis
SOL and SUI prices experienced some correlation between March 3 and early May. However, a disconnection was subsequently observed.
SOL moved in a positive direction and rose from $126 to $171. On the other hand, the price of SUI fell drastically from $1.410 to $1.047.
Source: Santiment
Looking at social activity
On a social level, both networks have seen a decline in popularity.
According to AMBCrypto’s analysis of Santiment data, social volume for both tokens has declined over the past few weeks. This meant that the number of comments around these tokens had decreased.
However, there was a divergence between the weighted sentiment around these two tokens. The Sui Network’s weighted sentiment has dropped significantly in recent weeks.
Read by Solana [SOL] Price prediction 2024-25
This means that the number of negative comments regarding SUI has increased compared to positive comments on social media.
Solana has had a more positive time in the social media sectors. Over the past few days, the weighted sentiment around SOL has increased, indicating a positive turn of events for SOL.
Source: Santiment