- Even as activity on the network increased, Solana’s TPS remained stable.
- Social volume around SOL increased, but overall sentiment around the token decreased.
Solana [SOL] It was one of the networks that dominated the recent market bull run.
Solana Experiences Increased Transactions
However, one of the main criticisms of the Solana network is the downtime it has faced over the past few years.
A recent upgrade to the Solana network (version 1.18) has resulted in significant performance improvements.
While some known limitations within the transaction processing pipeline remain, current benchmarks show that Solana is approaching a processing throughput of 2,000 transactions per second (tps) in real-world conditions.
Helius CEO Mert expressed optimism when predicting future performance based on current progress: He said Solana could surpass 10,000 tps by the start of the new year.
Source: X
See price trends
Despite the network’s progress, the price of SOL continued to fall. At the time of writing, SOL was trading at $148.77, with the price dropping 1.87% in the past 24 hours.
The price of SOL has been dropping significantly since May 20. During this drop, the price of SOL has been making lower lows and higher highs, indicating a bearish trend.
Although the overall trend for SOL turned bearish, SOL’s CMF (Chaikin Money Flow) remained positive, which means that funds are flowing into SOL at the time of writing.
Moreover, SOL’s OBV (On-Balance Volume) is also surging, which is another positive indicator for the token. If things continue to move in a positive direction, a reversal is expected and SOL may once again reach the $174.54 levels.
BTC/USD daily chart. Source: Trading View
SOL trading volume surges
The popularity of the SOL token has also increased: AMBCrypto’s analysis of Santiment data revealed that social volume for SOL has remained stable over the past few days.
The growing popularity of SOL will help improve SOL price movement in the long run, however, sentiment surrounding SOL may also affect the token.
According to the data, sentiment towards the SOL token dropped significantly, which means that the number of negative comments about SOL increased and outweighed the positive ones.
Is Your Portfolio Green? Check out the SOL Profit Calculator
If these negative comments become prevalent, it could hinder SOL’s future growth potential.
Source: Santiment
