Solana has continued to grow, clinching new milestones per daily net capital inflow as measured by the Artemis protocol.
Solana blockchain has made a remarkable return to the spotlight. According to recent on-chain data, the Layer 1 scaling solution recently led the blockchain world with the highest daily net inflows among the top 20 major blockchains.
It recorded $12 million in net inflows, surpassing Arbitrum and Sui combined. This marks a major rebound for Solana, which last held the top position on November 17, when it had $17.6 million daily inflows.
Solana’s Impressive Performance
Solana’s SOL $186.1 24h volatility: 0.1% Market cap: $102.84 B Vol. 24h: $3.01 B strong performance on December 15 took the top spot from Arbitrum. The blockchain project had secured $5.9 million in net inflows the day before. Sui blockchain, in third place, saw $5.3 million. Meanwhile, Ethereum, the second-largest blockchain, faced a $25.4 million net outflow, putting it at the bottom of the list.
Solana has had a standout year, consistently achieving impressive transaction milestones. As one of the fastest-growing chains, it reported an annual growth of 83%, surpassing Ethereum in several areas.
One of the biggest milestones came in November when the protocol’s Decentralized Exchange (DEX) trading volume exceeded $109.73 billion. It broke the $100 billion mark for the first time. This was followed by a price surge, with Solana’s token reaching over $200, peaking at $263.21 on November 23.
Some might link Solana’s recent successes to the memecoin sector, particularly its connection with the Pump.fun launchpad. However, that does not seem to be the cause this time. Dune’s data revealed that Pump.fun’s daily revenue dipped slightly, from $2.67 million on December 14 to $2.51 million on December 15.
This suggests Solana’s surge is not only due to meme coin activity but rather a broader blockchain growth trend.
What Is Driving the Big Success?
Solana’s market performance can be linked to several key milestones throughout 2024. Despite the challenges the broader market faces, Solana has continued to show resilience. The network has maintained steady growth, driven by strong user adoption and a solid technical foundation.
This has allowed Solana to achieve impressive trading volume and consistent daily net inflows. This momentum indicates that investors and traders are increasingly confident in the coin’s future.
The protocol also impressively leads the blockchain ecosystem in onboarded developers year-to-date (YTD).
Solana’s (SOL) market bullish trajectory has largely contributed to the key factors driving its success. The price of SOL has risen against the overall market momentum. Currently, SOL is trading at around $214.80, down nearly 2% in the past 24 hours, as per market data.
Adding to this bullish sentiment, the total value locked (TVL) over the Solana blockchain has recently reached an impressive $9.215 billion. This marks a new all-time high for Solana, reflecting growing traction. Further, it currently dominates 6.74% of TVL across all blockchains.
In a bullish price prediction, analysts believe Solana could become the top contender in the memecoin space, with a price target of $600 by 2025. This optimistic outlook reflects growing confidence in Solana’s long-term potential.
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