Solana cryptocurrency’s profitability has increased by a record 42 times in just 3 months

The cryptocurrency of the Ukrainian developer Solana showed an incredible growth in its financial performance in the second quarter of 2024. During this period, the blockchain’s profit increased 42 times compared to the same period last year.

According to Coin98 Analytics, Solana’s second-quarter profit was over $ 26 million. The trading volume of SOL reached $ 292 billion, which is almost 7 times more than last year. Solana also completed more than 15.3 billion transactions, and the number of active daily addresses exceeded 900,000, a 499% year-over-year increase.

Solana’s achievements in DeFi are particularly impressive. SOL’s total blocked value (TVL) grew by more than 1000% year-on-year. In addition, more than 98 million new NFTs were created, which is a 54-fold increase.

Technical indicators show that the value of SOL has the potential for further growth. The MACD indicator shows a weak bullish trend, and the Chaikin Money Flow (CMF) indicates the possibility of further price growth. At the same time, the Relative Strength Index (RSI) looks bearish, indicating a possible correction. At the time of writing, Solana is trading at $ 132, with the cryptocurrency’s value down 5.5% per day and 10.6% per week.

As a reminder, meme cryptocurrencies on the Solana blockchain are performing better than their counterparts on the Ethereum blockchain. Recently, several meme tokens on the Solana platform, including Chewy (CHWY) and PEPESOL, have risen significantly in price, outperforming their Ethereum competitors.