Solana March 2024 Recap: SOL Price Analysis and Ecosystem Review
In this report, we offer a complete Solana ecosystem analysis and SOL price action overview for March 2024, with a particular focus on the reasons for SOL’s meteoric price hike and the rise of meme coin trading on the blockchain.
Solana is an open-source blockchain platform founded in 2017 that emphasizes scalability and speed. With its unique Layer 1 network architecture, it processes over 710,000 transactions per second, enabling the creation of smart contracts and decentralized applications (DApps) for various use cases, such as decentralized finance (DeFi) and non-fungible tokens (NFTs) marketplaces. Unlike Ethereum, Solana does not require additional scaling solutions, relying on powerful computers for network maintenance and data storage. Its native cryptocurrency, SOL, is essential for transactions and network security through staking.
On March 18, the market capitalization of Solana cryptocurrency surged to an all-time high of $92.5 billion, surpassing its previous peak of around $77.9 billion recorded in November 2021. On March 21, the Solana network also updated its record for the daily number of new addresses on the blockchain. The number of daily new addresses reached 1.61 million.
Solana’s daily active addresses reached 2.4 million, outperforming all other chains — a new high for Solana since June 2021.
Solana’s daily transaction volume fluctuated during the month, rising slightly from 27.9 million on March 1 to 29.1 million on March 28. During the last two days of the month, this number dropped to 23.3 million.
Solana’s total value locked (TVL) reached $4.9 billion in March, representing a 96% increase compared to February 2024.
SOL is the native cryptocurrency fueling the Solana ecosystem, used for
Read more on cryptonews.com
