SOL rises 5% as transaction activity becomes long-standing highlight of Solana Network’s performance

Solana price is up 5% after landmark fourth Bitcoin halving.
SOL has dominated daily transactions, boasting 30% across layer 1 and layer 2 networks.
After completing a rounding bottom pattern, Solana price could rally as bulls hold $130.45 support.

Solana (SOL) price is among the top gainers among the large market capitalization-sized tokens following the successful conclusion of the fourth Bitcoin halving. The token has been a top performer throughout the fourth quarter (Q4) of 2023, with the sentiment extending across the most part of Q1 of 2024.

Also Read: Solana rolls out update to tackle network congestion

Solana network performance puts SOL on a pedestal

As Solana continues to be a powerhouse in the cryptocurrency playing field, institutional data platform for digital assets Artemis shows that Solana is dominating daily transactions, accounting for over 30% across layer 1 (L1) and layer 2 (L2) networks.

Data according to this dashboard showcases the heft of Solana as a powerhouse in transaction activity, which has for the longest time highlighted Solana's performance.

Daily transactions

Solana is a high-performance blockchain platform known for its fast transaction speeds and low fees. Transaction activity on the Solana network refers to the volume of transactions being processed on the blockchain at any given time.

This activity can include various interactions such as transferring SOL, executing smart contracts, decentralized applications (dApps) interactions, and more. Solana has emerged as the leading platform for on-chain financial activity, with its total transaction fees surging by approx. 417%. With this, it surpassed BNB Chain and Tron as meme coins on the blockchain continue to raise hundreds of millions.

The activity was so much that recently the network suffered a slowdown, ascribed to the current software system being unable to handle the overwhelming traffic volume. Head of communications for Solana Labs had addressed the issue in an X post.

Developers from Anza, Firedancer, Jito, and other core contributors are working diligently (and not sleeping much) to shore up Solana's networking stack to meet the unprecedented demand the network is seeing today.

There's been a lot of threads on what exactly is causing the…
— Austin Federa | (@Austin_Federa) April 10, 2024

Solana price recently completed a rounding bottom pattern, which is a bullish reversal pattern that happens after a prolonged downtrend. With the $130.45 support holding, Solana looks primed for a rally, which could be activated by a bullish reaction from altcoins following the BTC halving. At the time of writing, Solana price is trading for $143.81.

SOL/USDT 1-day chart

Also Read: Solana price primed for a breakout as it completes a rounding bottom pattern

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.