Solana (SOL) exited 2023 with a bang, as its transaction volume was up an astronomical 700%, with a $200 price point nearing. Indeed, the on-chain metrics for the asset had noted a massive rally to close out the year. Moreover, early in 2024, the asset had carried on with its momentum, with some declines taking place.
The massive surge in transaction volume is noted by The Block as having taken place over the last 30 days. Moreover, the development certainly bodes well for the blockchain networks’ increased popularity among digital asset holders. Ultimately, the first week of December 2023 saw it reach its highest levels in a year.
Also Read: Solana (SOL) Could Be Poised For 50x Surge in 2024, Here’s Why
Solana Has $200 In View After Record Transaction Volume
2023 was most certainly a return to form for the digital asset sector. Following a year-long crypto winter in 2022, the industry has seen a return to prevalence. Mostly due to overwhelming interest in a Spot Bitcoin ETF, investment in cryptocurrencies saw greater relevance in the mainstream over the last several months.
Although a host of digital assets have benefited from the sentiment, one has certainly shown a vast increase in popularity. That token is none other than Solana (SOL) which saw a 700% surge in transaction volume throughout December of 2023, as a $200 price appears in reach.
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Solana entered the new year carrying over the momentum that it ended 2023 with. Additionally, Data shows that the daily transaction volume on the Solana network had recently exceeded $42 billion as of the first week of January. That figure is far ahead of the $5.47 billion it recorded in December’s first week.
According to CoinMarketCap, the price of Solana is currently at $95.27, up almost 1% over the last 24 hours. Although the token has certainly sacrificed some gains in recent days, the momentum appears strong.
Although the price is not yet through the $100 mark, it has immense long-term promise. So much so, that many expect it to clear the resistance levels at $97, $109, $115, and $125. If it can do that, the path to $200 becomes rather clear. Moreover, with the industry set to receive a boost from imminent Spot Bitcoin ETF approvals, that is certainly not out of the realm of possibility.