Solana’s network growth persists as the blockchain sees a wave of adoption following renewed optimism in the general crypto market. Such significant network growth is capable of influencing SOL’s price trajectory, which recently reached a new all-time high.
A Major Uptick In Solana Network Adoption
The Solana network remains one of the favorite networks for carrying out daily activities among investors and developers in the ever-evolving world of cryptocurrency. Informative platform IC News reports that the network is witnessing a major uptick in adoption and utility, indicating heightened demand.
This recent expansion might be fueled by rising bullish sentiment across the crypto market. It is a testament to Solana’s strong position as a fast and cost-efficient blockchain platform, revolutionizing the crypto landscape. Given the increasing optimism in the market, SOL’s ecosystem seems ready for more growth.
IC News highlighted that the network saw a significant surge after the introduction of the TRUMP and MELANIA meme coins nearly a week ago. TRUMP and MELANIA meme coins took center stage during inception, recording an over $30 billion fully diluted valuation (FDV) in mere hours.
Within hours, the TRUMP meme coin’s price rose by a whopping 12,000% to the $30 level, which attracted notable attention from investors and traders. It is obvious that these meme coins attributed to the major surge in SOL’s blockchain activity since the tokens were launched on the network.
Due to the significant rise in activity, Solana’s Total Value Locked (TVL) soared to a new all-time high of $12 billion on January 20. As of January 22, SOL’s TVL was valued at $11.8 billion, representing a 212% uptick over the last 7 days.
SOL TVL’s reaching a new milestone highlights the blockchain’s growing dominance in the Decentralized Finance (DeFi) sector as investors and developers demonstrate robust confidence in the network.
SOL’s Transaction Fees At A Historic Level
The recent uptick in user demand and network activity seems to have impacted the blockchain’s transaction fees, which have risen to an all-time high. Glassnode, a leading onchain and financial platform revealed that Solana’s total transaction cost during the TRUMP meme coin release rose to 6,000 SOL within 10 minutes.
Surprisingly, SOL’s overall transfer fees increased substantially despite the total number of transactions dropping from 450,000 to 150,000. According to Glassnode, this stark contrast demonstrates how increased demand and higher costs per transaction affect network activity.
Even though the network’s low costs are still one of its primary advantages over rivals, the recent increase suggests that user engagement is increasing as the ecosystem grows.
These developments are capable of catalyzing a price increase for SOL. With heightened investors’ confidence and key indicators like a Megaphone Pattern, SOL could witness another notable rally, forming new all-time highs in the short term.
