Ethereum

Patrick

Solana

Avalanche

<ul>
 <li><em>Solana’s network expansion hit a monthly high in December 2023.</em></li>
 <li><em>The TVL on Solana increased by $3.6 billion over the week, representing a 56% rise</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL]</a> gravity-defying rally continued on Christmas day as well, as the coin pumped 7.37% in the last 24 hours to touch $120, AMBCrypto observed using <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap’s</a> data.</p>
<h4><strong>Solana is unstoppable</strong></h4>
<p>With this, SOL’s year-to-date (YTD) returns have exploded by 13x, an impressive feat considering the asset sank to its depths at the same time last year due to <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">FTX</a>-induced FUD.</p>
<p>The rally attracted a swarm of profit-hungry traders. SOL’s daily trading volume shot past six billion over the festive weekend with a minor pullback to $5.9 billion on Christmas, as per Santiment.</p>
<div id="attachment_360580" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360580" decoding="async" class="wp-image-360580 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-10.46.42-26-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-360580" class="wp-caption-text">Source: Santiment</p>
</div>
<p>Moreover, most investors were bullish on Solana as evidenced by the positive values of weighted sentiment.</p>
<p>Solana’s rally has also powered its on-chain activity. As per a post by crypto researcher Emperor Osmo, its network growth reached a monthly peak in December for the year. This was a sign that a lot many new users onboarded the network.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The number of new <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> addresses hit a new monthly high for the year. <a href="https://t.co/YElaVaRy8t" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/YElaVaRy8t</a></p>
 <p>— Emperor Osmo<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9ea.png" alt="🧪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Flowslikeosmo) <a href="https://twitter.com/Flowslikeosmo/status/1739450999558013102?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 26, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h4><strong>Key indicators show a healthy spike</strong></h4>
<p>The jump in network activity came alongside sharp jump in capital inflows to the Solana ecosystem. The total value locked (TVL) on Solana increased by $3.6 billion, representing a 56% rise, according to Oxscope.</p>
<p>In fact, Solana’s TVL growth dwarfed that of other major smart contract networks like <a href="https://ambcrypto.com/search/ETHEREUM" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a>, <a href="https://ambcrypto.com/search/BNB+CHAIN" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BNB Chain</a>, and <a href="https://ambcrypto.com/search/AVALANCHE" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche [AVAX]</a>.</p>
<div id="attachment_360596" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-new-1.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360596" decoding="async" class="wp-image-360596 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-new-1.jpg" alt="" width="1280" height="660" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-new-1.jpg 1280w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-new-1-300x155.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-new-1-1024x528.jpg 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-new-1-768x396.jpg 768w" sizes="(max-width: 1280px) 100vw, 1280px"></a>
 <p id="caption-attachment-360596" class="wp-caption-text">Source: Oxscope</p>
</div>
<p>Higher TVL levels indicate&nbsp;success and popularity of the protocol. Investors actively examine changes in TVL in order to make informed decisions about investing in certain networks.</p>
<h4><strong>Interest for Solana soars</strong></h4>
<p>Such was the narrative around Solana that it surpassed Ethereum in Google search volume in the U.S., as highlighted by crypto analyst Patrick Scott.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The search volume flippening <a href="https://t.co/hVMPctYonE" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/hVMPctYonE</a> <a href="https://t.co/E3NY7BNXZk" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/E3NY7BNXZk</a></p>
 <p>— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) <a href="https://twitter.com/Dynamo_Patrick/status/1739404860452208752?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 25, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p style="text-align: center;">How much are&nbsp;<a href="https://ambcrypto.com/convert/1-sol-to-usd" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">1,10,100 SOLs worth today</a>?</p>
<p style="text-align: left;">And the best may be yet to come. As per AMBCrypto’s analysis of Hyblock Capital’s data, the market was tilted towards greed, implying that further accumulation might continue.</p>
<p style="text-align: left;">This, in turn, could push SOL further to the north.</p>
<div id="attachment_360602" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-26_11-55-14.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360602" decoding="async" class="wp-image-360602 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-26_11-55-14.png" alt="" width="1320" height="486" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-26_11-55-14.png 1320w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-26_11-55-14-300x110.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-26_11-55-14-1024x377.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-26_11-55-14-768x283.png 768w" sizes="(max-width: 1320px) 100vw, 1320px"></a>
 <p id="caption-attachment-360602" class="wp-caption-text">Source: Hyblock Capital</p>
</div>

Solana: What to expect as SOL shows no signs of slowing down

AMBCrypto

Other articles published on Dec 26, 2023

Bitcoin Is In A Stalemate As It Is Stuck Below $45,000

XRP Faces Severe Selling Pressure After Recent Surge to $0.65 Level

Can Shiba Inu (SHIB) Regain Footing After 7.5 Million Token Burn?

Ex-Binance CEO CZ Might Be Headed to Prison, But BNB Price Is Pumping

“Solana is an Ethereum L2,” Says Solana Co-Founder Anatoly Yakovenko

Next-Gen Altcoins: Aptos (APT), Optimism (OP), and Pullix (PLX) Spearhead Innovation in Q1 2024

Join our free newsletter for daily crypto updates!