- Solana’s price rose by 5% to $158.74 today, reaching the highest monthly figure after significant trading volume.
- Market buoyancy pushed Bitcoin to $65K, indirectly boosting Solana’s value amid rising investor interest and trading activities.
Today, Solana’s price increased by 5% to $158.74, marking the highest value for the month.
This growth follows a gradual increase over the last few days, culminating in a significant rise from a consolidation phase that lasted a week. Alongside the price, Solana’s trading volume also rose significantly by 66.88% to $3,244,572,966, indicating heightened network activity.
Solana remains a top contender in the cryptocurrency market, consistently ranking within the top ten cryptocurrencies by market capitalization. From the start of 2023 to date, its value has increased by 747%. This increase reflects its continuing appeal to investors, driven by its performance and on-chain metrics that signal a healthy and growing network.
The reasons behind today’s price increase are multi-layered. The cryptocurrency market has generally been bullish, as evidenced by Bitcoin’s recent climb to $65K, with projections reaching as high as $80K.
On-chain data supports the increase in Solana’s price
According to Artemis Terminal, Solana witnessed $992.6 million in net inflows over the last month, surpassing Ethereum and other networks. The data highlighted September 12 as a record-breaking day with the highest ever net inflows of $655.1 million and an all-time high of 3.95 million active addresses.
This increase in active addresses and net inflows suggests that new capital is entering the network. This influx is primarily due to the introduction of new tokens, notably meme coins, which have become particularly popular on the network.
The number of new addresses significantly increased in the last two months, with the figure nearly doubling from 26.31 million in August to 60.55 million in September.
Moreover, Solana’s transaction fees have significantly decreased, making it more attractive to new users. This reduction in fees came as the popularity of Pump.fun, a platform known for launching meme coins, waned.
In comparison to Ethereum, Solana has demonstrated superior performance in several key areas. A report by VanEck indicated that Solana has exceeded Ethereum in terms of daily net flows and other critical metrics.
Artemis.xyz data showed Solana had net flows of $1 billion over three months, with Ethereum showing a net negative due to higher outflows despite its larger inflows.
This performance positions Solana as an increasingly preferred blockchain, especially attractive for new cryptocurrency adopters looking for lower transaction costs and robust network activity.
