The formerly defunct Solana network is undergoing a period of revival. A rise in on-chain activity has lifted SOL prices to their highest level in two months.
Activity on the Solana chain is showing indications of recovery. Moreover, according to the analytics platform Messari, transaction volumes and active accounts have returned to their pre-FTX levels.
The company published two statistics on January 12 indicating that the number of Solana transactions had returned to October levels.
“Tweets and meme coins may have caused recent activity, but it is impossible to identify the FTX drop using these measures.”
Solscan presently reports that network performance is about 3,735 transactions per second (TPS). Further, the network has seen a total of 132 billion transactions.
The statistics reveal a sharp fall in the transaction success rate on January 12. This may signal that the network is once again experiencing performance challenges.
On January 11, it was also revealed that Solana NFTs had had a recovery. According to Coin98Analytics, with 3.16 million active addresses over the previous week, Solana ranks fourth. BNB Chain is at the top of the list with over 6 million active addresses during the last week. Ethereum ranked sixth according to these statistics.
Recent Solana performance may be attributable entirely to the airdrop of the meme currency BONK. The promoted memecoin lost 80% of its value in a week, indicating it was a pump-and-dump scheme.
“Solana people continue to defend and dunk in large numbers. I believe we can get beyond it and return to daydreaming about the network’s incredible performance and battle-tested infrastructure”, said by Solana co-founder.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.