Solana’s [SOL] high activity may not be enough for its revival: Here’s why

Solana’s [SOL] high activity may not be enough for its revival: Here’s why

March 28, 2023

By Himalay Patel

Read Solana’s [SOL] Price Prediction 2023-2024

Solana witnessed a high number of transactions being made on the network.

However, DEX volume and active addresses on the network fell.

Solana [SOL] has been in muddy waters for quite some time, having been on the receiving end of criticism due to its frequent downtimes. However, new data revealed that there was a spike in the number of transactions being made on the network.

Artemis’ data shows that the volume of transactions on the Solana network has hit its highest point in six months. This resulted in a 22.75% increase in its TVL over the past month, according to DeFiLlama’s data.

Although the Solana network has seen high levels of activity, there has been a decline in interest in its DEXs, as evidenced by the declining volume of DEX transactions on the network.

The decrease in DEX volume on the Solana network could be linked to the underperformance of DeFi protocols like Saber and Radium. Based on data from Dapp Radar, there was a 22.5% drop in the number of unique active wallets on Saber and a 33.97% decrease in the number of unique active wallets on Radium.