The network activity of Solana has reached an all-time high, surpassing even its peak two years ago.
For the first time in over two years, the sum of all assets locked into the Solana chain surpasses $4.14 billion.
After suffering losses earlier in the week, the price of SOL rose about 4% on the day.
As a result of the recent boom in meme currencies linked to Solana's ecosystem, the SOL chain has seen a surge in activity, with new and active addresses hitting two-year highs and its Total Value Locked (TVL) reaching record highs as well. On Monday, after last week's sell-off, SOL price resumed gains, increasing by about 4% on the day. This occurred during a session when all of the major cryptocurrency assets were in the green.
Address activity rises for Solana, TVL
Recent price increases in SOL-based tokens reflect the meme coin fever, which has boosted Solana's network activity. Several important variables in Solana reached near two-year high according to data from The Block:
On March 22, the Solana value moved on-chain (SOL value) reached $8.09 trillion, reaching a near two-year high. This value shows the usefulness and demand for the blockchain among market players.
Both the total number of active and newly added addresses to the Solana network
What makes a blockchain network useful is address activity. The increased demand for meme currencies and assets based on Solana is probably to blame for the uptick in new and active addresses.
On March 22, the number of new addresses on the network reached 1.25 million, while the number of active addresses reached 1.59 million, as a result of capital rotation into altcoins and meme currencies driven by the Bitcoin price surge.
Along with the rise in the Solana blockchain's TVL, there have been positive on-chain indicators. SOL TVL has reached its highest level since April 5, 2022, according to statistics from DeFiLlama, which stands at $4.414 billion.
As a result of meme currencies and tokens with political themes, Solana has become popular among users who are struggling with the high transaction fees on the Ethereum network. Demand for Solana has skyrocketed throughout the current cycle, according to the on-chain measurements and TVL of the network's on-chain ecosystem.
On the other hand, statistics from CoinGecko shows that SOL's market value surpassed $87 billion for the first time ever on March 19. The asset is somewhat recovering its losses on the weekly time frame, and the price of Solana is up 4% on the day as of writing.
