Solana's Surge: High Fees, High Hopes? Solana [SOL] has been on a roll in 2024, with soaring market capitalization. But there's a hitch in its stride.
Network Activity Check: Recent data shows that Solana's
transaction fees have skyrocketed, surpassing $0.03 and raising eyebrows compared to other Layer 2 solutions.
The concern? High fees could discourage users from making transactions, impacting
network activity. So we dug deeper.
Our analysis revealed that despite the costs, Solana's
active addresses and
daily transactions remained robust, indicating users' willingness to pay the price.
The silver lining? These high fees contributed to a surge in
revenue, but the graph took a dip soon after.
On the DeFi front, things looked sunnier as SOL's Total Value Locked (TVL) hit $2 billion, marking steady growth since December 2023.
Investors had reasons to cheer too! SOL's price performance was solid, climbing over 17% in the last month. It currently stands at $102.91 with a market cap of $45.3 billion.
Development activity remained strong, showcasing ongoing efforts to enhance Solana. However, social chatter around SOL turned bearish lately.
