Solana transaction volume hit multi-year high in January

Transaction volume on the Solana network crossed $1 trillion in January, a multi-year high.

According to The Block’s dashboard, transaction volume is up 30% from December 2023, at $738.8 billion. Online transaction volume has hit a record high since September 2022, at $1.55 trillion.

Experts note that the growth in blockchain activity is significantly higher than in 2023 and through much of 2022. For example, in September 2023, transaction volume on the Solana network reached a low of $40 billion.

In January, the number of registered addresses on the Solana blockchain reached a multi-month high. This month, the number of new Solana addresses exceeded 10 million, the highest figure since May 2022, when the number of addresses was 11.72 million.

In addition, the naive token Solana (SOL) has shown steady growth. Over the past week, the asset price has increased by about 12%. At the time of writing, the cryptocurrency is trading at around $98.

Solana has performed exceptionally well over the past year, performing much better than Ethereum (ETH) despite unfavorable market conditions. Moreover, following the approval of the Bitcoin (BTC) ETF, the price of Solana did not change significantly, indicating another distinctive market reaction compared to the rest of the market.