Solana (SOL) Flips Ethereum (ETH) and Layer-2s in Transaction Volume, Signaling Growing Demand

Despite concerns around FTX and whether asset distribution will lead to a dump, bulls are optimistic about what lies ahead. Holders expect SOL prices to climb higher in the coming days for multiple reasons.

Solana (CRYPTO: SOL) has emerged as one of the most active networks, judging by engagement levels over the past few months.

Bulls are optimistic about what lies ahead for the network, despite concerns around FTX and whether asset distribution will lead to a dump.

Here's why holders expect SOL prices to climb higher in the coming days.

Solana Flips Ethereum And Layer-2s In Transaction Volume

According to an analyst on X, Solana is registering more volume than Ethereum (CRYPTO: ETH) and its layer-2 platforms, such as Base, Arbitrum, and Optimism, combined.

Over the last 24 hours, Solana posted over $1.6 billion in volume, surging 45%.

Ethereum posted over $751 million during this time, up 4%.

While there was double-digit and generally impressive growth on Base and Arbitrum, at 22% and 47%, respectively, volume was low.

Base, the fourth largest, recorded $480 million, while Arbitrum, which followed, registered $240 million.

The Polygon (CRYPTO: MATIC), an Ethereum sidechain, posted over $93 million in volume, up nearly 4%.

Surpassing activity on the BNB Chain, Solana outperformed not only Ethereum and its layer-2s but also the chain.

Although the platform is the third most active, generating more volume than any of the multiple Ethereum layer-2s, volume fell by nearly 3% to $671 million.

This spike in Solana's transaction volume highlights the network's role in the broader crypto ecosystem and users' preference for highly scalable solutions.

The blockchain's reliability is also a factor that's being worked on.

Despite the 45% spike in transaction volume, Solana didn't grind to a halt, as was the case in the past when a surge in activity forced the network offline.

Pump.Fun Token Plans To Push SOL Above $200?

With Solana improving and becoming more reliable, the low fees and the success of tokens like Bonk and DogWifHat, for example, have seen meme coin activity surge.

Even with Tron launching SunPump, Pump.fun activity is picking up steam.

Recently, the team said they might launch their native token and open a meme coin trading portal for professional traders.

With the planned release of Pump.fun's native token, activity on Solana could continue rising as users flock to engage and stand a chance of receiving free tokens.

Out of this scramble and spike in on-chain activity, SOL could benefit.

The coin trades above September highs, changing hands at over $166. This breakout could build a base for more gains, lifting SOL above $200 in a buy trend continuation formation.

The above is the detailed content of Solana (SOL) Flips Ethereum (ETH) and Layer-2s in Transaction Volume, Signaling Growing Demand. For more information, please follow other related articles on the PHP Chinese website!