• Solana dominated Ethereum on the network speed front
• SOL’s price appreciated by over 3% in the last 24 hours

Solana [SOL] has been popular for many years now because of its robust network activity. The blockchain is in the news again today after one of its key metrics hit a milestone, clearly highlighting the dependability and efficiency of the blockchain.

And, while that happened, the altcoin’s price action also turned bullish on the charts. 

Solana gets faster than the rest 

SolanaFloor, a popular X handle that shares updates related to the blockchain’s ecosystem, recently posted a tweet highlighting this new development. According to the same, Solana’s true transactions per second exceeded 1k as it hit 1005.

This clearly reflected the effectiveness of the blockchain and how fast it is. To put it into perspective, AMBCrypto took a look at SOL and Ethereum’s [ETH] stats. On the one hand, SOL’s maximum recorded TPS exceeded 7k, while ETH’s number stood at 62 tx/s. Similarly, SOL also heavily dominated ETH in terms of real-time TPS. 

AMBCrypto then took a look at Artemis’ data to better understand the blockchain’s network activity. As per our analysis, Solana’s daily transactions gained some momentum last month.

At press time, the figure stood at 47.3 million. However, despite the rise in transactions, the blockchain’s daily active addresses didn’t grow much last month. On the captured value front too, not everything looked good. This was the case, as both its fees and revenue dropped over the last few weeks. 

A bullish turn on the charts 

In the meantime, Solana’s bulls stepped up their game as they managed to paint SOL’s daily and weekly charts green.

According to CoinMarketCap, SOL hiked by over 3% in just 24 hours. At the time of writing, Solana was trading at $139.89 with a market capitalization of over $64 billion, making it the fifth largest crypto.

We then checked SOL’s on-chain data to find out whether this newly gained bullish momentum would last. We found that SOL’s trading volume dropped over the past week while its price rose. This is generally perceived as a bearish signal. Its open interest also moved sideways, indicating a few slow-moving days.

Additionally, it was surprising to see a drop in SOL’s weighted sentiment, as it pointed to the dominance of bearish sentiment across the crypto’s market. 

Nonetheless, most technical indicators remained bullish on the charts. 

For instance, both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered upticks. The MACD flashed a clear bullish advantage in the market, underlining the high chances of SOL gaining again. 

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If the bull rally continues, investors might soon seen SOL touch $147.4 in a few days as liquidations would rise at that level.

However, if a bearish takeover happens, then SOL might fall to $133 in the coming days. 

• Solana’s TPS remained stable as activity on the network increased.
• Social volume around SOL grew, overall sentiment around the token declined.

Solana [SOL] was one of the networks that dominated the bull run which the market saw recently.

Solana sees a rise in transactions

However, one of the main criticisms of the Solana network has been the downtime that Solana faced over the last few years.

A recent upgrade to the Solana network, version 1.18, has yielded significant performance improvements.

While some known limitations within the transaction processing pipeline persist, current benchmarks indicate Solana is nearing a processing throughput of 2,000 transactions per second (tps) in real-world conditions. 

Projecting future performance based on current advancements, helius CEO mert held an optimistic view.  He stated that Solana has the potential to surpass 10,000 tps by the start of the new year.  

Looking at price movement

Despite the progress made by the network, SOL’s price continued to see red. At press time, SOL was trading at $148.77 and its price declined by 1.87% in the last 24 hours.

Since the 20th of May, the price of SOL has fallen significantly. During this decline, the price of SOL exhibited lower lows and lower highs, indicative of a bearish trend.

Even though the overall trend of SOL had turned bearish, the CMF (Chaikin Money Flow) for SOL remained positive. This meant that there was money flowing into SOL at the time of writing.

Moreover, the OBV (On Balance Volume) for SOL also surged which was another positive indicator for the token. If things continue to move in a positive direction, a reversal could be expected and SOL could attain the $174.54 levels yet again.

Volumes for SOL surged

The popularity of the SOL token was also on the rise. AMBCrypto’s analysis of Santiment’s data revealed that the social volume for SOL remained consistent over the last few days.

The rising popularity of SOL can help improve the price movement of SOL in the long run. However, the sentiment around SOL can also affect the token.

Data showed that the weighted sentiment around the SOL token fell materially. This meant that the number of negative comments around SOL had grown and outnumbered the positive ones.

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The prevalence of these negative comments may hinder the chances of growth for SOL in the future.