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According to the latest data, the Solana (SOL) network saw a sharp decline in transaction activity in August, with monthly non-voting transactions falling nearly 63% to 485.61 million from a year-to-date high of 1.31 billion in July.
This significant drop marks the lowest level of transactions since September 2023, when the network recorded 494 million transactions.
For much of 2024, Solana’s transaction activity had consistently exceeded 700 million per month, making the August decline particularly notable.
Despite this decline, some analysts remain optimistic about Solana’s potential to outperform other major cryptocurrencies in the near future. Bitget Research Principal Analyst Ryan Lee suggested that improved liquidity, likely stemming from the expected rate cut by the US Federal Reserve in September, could position Solana for a strong recovery.
“Improved liquidity could enable Solana to outperform major assets like Bitcoin and Ethereum,” Lee said in an email.
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The US Federal Reserve’s Federal Open Market Committee (FOMC) meeting scheduled for mid-September is being closely watched by market participants. According to the CME FedWatch tool, interest rate traders currently estimate a 69% chance of a 25 basis point cut this month and a 31% chance of a 50 basis point cut. Such monetary easing could provide a more favorable environment for Solana by boosting risk assets, including cryptocurrencies.
Lee also pointed to recent developments in key projects on the Solana network as potential catalysts for recovery. He cited the operational progress of key projects like Solayer, which recently opened a staking window, as a factor that could attract more funds to the Solana market. This could increase buying pressure in the secondary market and reduce the circulating supply of SOL.
Lee also noted that increased activity on decentralized exchanges (DEXs) could further support Solana’s price rally. “Solana’s DEX trading volume is expected to remain at a high level of volatility in September,” he added.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/alarming-outlook-for-the-solana-network-will-it-get-better/" rel="noopener noreferrer nofollow">Alarming Outlook for the Solana Network: Will It Get Better?</a>

Alarming Outlook for the Solana Network: Will It Get Better?

Bitcoin Sistemi EN

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