Evaluating the changes in Solana network performance metrics which may explain the differences in SOL's performance over the last few...
ecosystem have something to do with SOL’s struggle to get back above $200? The cryptocurrency demonstrated robust demand in the first half of 2024, allowing it to bounce back strong after every dip. However, the same cannot be said for SOL’s recent performances.
SOL had weaker bounce-backs over the last 3 months and this aligns with some Solana network observations. In fact, Solana’s marketcap growth so far this year demonstrates an interesting correlation with SOL’s price performance. Solana’s stablecoin marketcap briefly soared above $4 billion in the last week of August. However, it has since seen significant outflows and is now, down to $3.72 billion. The last time such a major dip was seen was from mid-April to the last week of June.The cryptocurrency struggled to soar back to $200 during the period from April to June. Similarly, its recent bullish attempts demonstrated weak momentum.
The slowdown in network activity can be more accurately observed through network fees. Solana fees were at their highest in March, which was around the same time that network demand and utility were also at their highest., which also fluctuated based on market demand. This means it may not necessarily provide the most accurate assessment of network performance. The Solana stablecoin marketcap is more in tune with on-chain transactions.
The initial surge in transactions peaked in April, followed by a dip and a higher peak in July. Transactions have since slowed down, reflecting the slowing network utility.It is evident based on the above findings that the network demand has been cooling down, especially in the last 3 months. As a consequence, the organic demand that propped up SOL’s value is not as strong as it was in the first half of the year.Michael is a full-time journalist at AMBCrypto.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitgert vs. Solana vs. Neiro: Price Patterns Point to Explosive Gains in 2024Bitcoin retested the $64K level on Monday, spreading a bullish wave throughout the crypto market. Moreover, FTX’s imminent distribution
Read more »
Bitgert, Solana and Ethereum: A 2024 Price Comparison for Bullish InvestorsAs the crypto market continues its recovery in 2024, key players like Bitgert, Solana, and Ethereum are at the center of attention for...
Read more »
Dana White's Contender Series 2024 Week 5 Play-by-Play & ResultsSherdog's coverage of Dana White's Contender Series Week 5 begins Tuesday at 8 p.m. ET/5 p.m. PT.
Read more »
Harris vs. Trump: The Key Moments from the 2024 Presidential DebateVice President Kamala Harris and former President Donald Trump faced off in their first presidential debate Tuesday night at the National Constitution Center...
Read more »
Key quotes from the Trump-Harris 2024 U.S. presidential debateU.S. Vice-President Kamala Harris and former U.S. president Donald Trump took the stage on Tuesday night for their first and only scheduled presidential debate before the Nov. 5 election.
Read more »
Businesses that benefit from TIFF say their numbers are improvingThe 2024 iteration of the Toronto International Film Festival runs Sept. 5 - 15th.
Read more »