Cryptocurrencies

Solana DApp volume surges 46% as SOL eyes $180

Article Image

Solana’s (CRYPTO:SOL) native token, SOL, experienced a 9% decline after reaching a high of $161.80 on September 29.

However, despite this correction, Solana’s network activity and Total Value Locked (TVL) have shown significant growth, suggesting a potential price surge to $180.

In the past week, Solana’s decentralized application (DApp) volume increased by 46%, outpacing competitors like Ethereum (CRYPTO:ETH) and BNB Chain (CRYPTO:BNB).

Data from DappRadar highlighted major gains in Solana’s top DApps, with Marinade Finance up 66%, Pump.fun growing by 93%, and Solend seeing a 143% jump in activity.

Solana’s strong performance is attributed to its low transaction fees and high scalability.

Transaction costs on Solana are just $0.02 on average, compared to $2.50 on Ethereum and $0.08 on BNB Chain, making it an attractive option for users.

This cost-efficiency has positioned Solana as a leader in DeFi, ranking third in TVL at $5.5 billion, surpassing BNB Chain.

In addition to its DeFi growth, Solana is expanding into gaming and mobile applications.

The announcement of Gameshift, a gaming development API supported by Google Cloud, is expected to increase demand for Solana’s network.

Moreover, the upcoming launch of the Solana-backed Seeker smartphone, priced below $499, has further fueled investor optimism.

VanEck, an asset management firm, projected a 120% price increase for SOL due to its scalability and institutional adoption potential.

With strong DApp activity, rising TVL, and promising projects, Solana’s network is poised for further growth, potentially pushing SOL’s price toward the $180 mark.

At the time of reporting, the Solana price was $146.40.

Disclaimer
Grafa is not a financial advisor. You should seek independent, legal, financial, taxation or other advice that relates to your unique circumstances. Grafa is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on the information provided directly or indirectly by use of this platform.
Publisher
Grafa