Solana has grown in popularity over the past few years thanks to its strong network activity. Today, the network is once again in the spotlight after one of its key metrics hit a historic milestone, clearly highlighting its reliability and efficiency.

Solana is faster than other blockchains

SolanaFloor, a popular X account that shares updates related to the Solana ecosystem, recently posted a tweet highlighting this new development. Accordingly, Solana's actual transactions per second (TPS) exceeded 1k when it reached 1005.

This clearly reflects the efficiency and speed of blockchain. While SOL's maximum recorded TPS exceeds 7k, the figure for Ethereum is just 62 tx/s. Likewise, SOL also has a major advantage over ETH in terms of real-time TPS. 

Source: Chainspect

Solana's daily deals gained some momentum last month. At press time, the number was 47.3 million. However, despite the increase in transactions, the blockchain's daily active addresses did not increase much during the month. And it's a shame that both fees and revenue have dropped over the past few weeks. 

Source: Artemis

A positive change on the chart 

Meanwhile, Solana bulls have increased their activity as they managed to push the price up on the daily and weekly timeframes.

SOL has increased more than 3.8% in just 24 hours, trading at $144 with a market capitalization of nearly $67 billion, making it the fifth largest cryptocurrency.

Looking at onchain data it can be seen that SOL's trading volume has decreased over the past week while the price has increased. This is often considered a bearish signal. Its open interest (OI)* was also flat, suggesting a slow few days.

Additionally, it is surprising to see a decline in SOL's weighted sentiment, as this points to the dominance of pessimistic sentiment across the cryptocurrency market. 

Source: Santiment

However, most technical indicators on the chart still show an uptrend. 

For example, both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are pointing up and above the neutral threshold. MACD shows a clear bullish advantage in the market, emphasizing the possibility of SOL rebounding. 

Source: TradingView

If the bullish momentum continues, investors could soon see SOL hitting $147.40 as liquidations will increase at that level.

*OI (open interest) is a measure of the total value of all outstanding or “uncleared” futures contracts on exchanges, and is also an indicator of market price increases as well as like trader sentiment surrounding a particular asset class.

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