- All time transaction volume on the Solana network has exceeded $58 billion.
- The Solana network has recovered from the largest DeFi hacks in projects powered by its blockchain.
- Analysts have a bullish outlook on Solana, predicting a reversal in the altcoin's price trend.
Ethereum-killer Solana has recovered from the drop in on-chain activity, hitting $58 billion in all-time transaction volume. Analysts have predicted a rally in Solana price, in response to the bullish catalysts.
Solana could break into a price rally as demand rises
Solana made headlines with a project on the network's blockchain; Wormhole suffered a $320 million hack. The blockchain has now recovered from security vulnerabilities and hit a new milestone. Solana's on-chain activity has exploded by crossing $58 billion in all-time transaction volume.
Active wallets on the Solana network have climbed steadily over the past month. The average number of wallets is around 800,000, and this indicates the high demand for Solana among investors.
The number of transactions on the Solana network across centralized exchanges has continued to climb steadily since 2021.
Developers in the Solana ecosystem have welcomed builders in the Solana ecosystem to work on the Web3 stack. The objective is to boost the scalability and user experience of the Solana blockchain.
Proponents believe that the addition of Solana-based projects to Coinbase's portfolio has positively impacted the altcoin's price.
@Pentosh1 has evaluated the Solana price trend and noted that a drop below $125 puts the altcoin in the pain zone.
$SOL
— Pentoshi (@Pentosh1) February 17, 2022
Do or die https://t.co/9dGPnhJ0nU pic.twitter.com/9bruyF7SyF
FXStreet analysts believe that Solana has disappointed bulls with its poor performance as the altcoin fails to sustain a price above $100. Analysts have a bearish outlook on the Ethereum-killer if Solana price continues its downtrend.
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