Solana Sees Over $2 Billion Inflows in a Day, Propelling Surge

As the cryptocurrency market witnesses a resurgence, with the overall market capitalization reaching $1.65 trillion, Solana (SOL) stands out by attracting over $2 billion in a single day. The rapid inflow has propelled Solana's market cap from $41.79 billion to $44.17 billion in just 24 hours, marking a substantial 6.5% growth, according to the latest CoinMarketCap data as of February 2.

Solana 24-hour market cap chart. Source:CoinMarketCap

Solana's Impressive Price Performance

Solana has surged beyond the psychological price barrier of $100, currently trading at $101.58. With a 5.96% gain in a day and a notable 12.57% increase over the week, Solana aims to recover from a 5.27% monthly dip. This surge coincides with heightened activity on the Solana network, as it recorded a transaction volume of $1 trillion in January, reaching levels not seen since September 2022.

Solana 7-day price chart. Source:Finbold

Growing Network Activity and User Engagement

In January, Solana's network activity surged to a multi-year high, with a 30% increase in transaction volume since December. The blockchain also witnessed a rise in registered addresses, surpassing 10 million, the highest figure since May 2022 when it reached 11.72 million. This surge underscores a growing interest and engagement within the Solana ecosystem.

Solana's Ethereum DEX Volume Victory

Termed the 'Ethereum killer,' Solana made headlines by surpassing Ethereum in 24-hour decentralized exchange (DEX) volume. Solana recorded a weekly volume increase of 15.34%, while Ethereum faced a 12.44% decrease. The platform's competitive edge positions it as a significant player in the decentralized finance (DeFi) space.

In conclusion, Solana's remarkable market cap and price surge, coupled with increased network activity and a triumph over Ethereum in DEX volume, showcase its resilience and attractiveness in the ever-evolving cryptocurrency landscape.