Solana Transaction Volume in August Drops Drastically by 62.93%
2024-09-04
Bittime - In August, volume Solana transactions experienced a significant decline. Read this article to find out the full news!
Solana Transaction Volume Drops Drastically
The volume of non-voting transactions on the Solana network dropped drastically to 485.61 million. This decline recorded the lowest figure since September 2023, with a decrease of 62.93% from the annual high point in July which reached 1.31 billion transactions.
Previously, throughout the first 7 months of 2024, Solana's monthly transaction volume was always above 700 million. However, in August, Solana's transaction volume plummeted and reached its lowest level in the past year.
Read Also: Chances of a Solana ETF and Other Altcoins in the US Market Still Low
What is Solana Non-Voting Transaction?
Non-voting transactions include all types of transactions that are not related to voting for network verification and maintenance. This includes token transfers, interactions with smart contracts, DeFi operations, and various other user-initiated transactions.
The drastic drop in non-voting transaction volume in August indicates a decline in overall activity on the Solana network.
Potential Resurgence in Solana Price and Transaction Volume
Despite experiencing a decline in network activity, Solana has the potential to experience a revival in price and transaction volume.
Ryan Lee, Chief Analyst at Bitget Research, estimates that if the Fed decides to cut interest rates at the upcoming FOMC meeting, the resulting increase in liquidity could provide a boost to Solana's price.
This is mainly due to increased activity in core Solana projects, such as Solayer, which recently opened a staking window. These projects are expected to attract cash flow into the Solana ecosystem, increase buying pressure in the secondary market, and reduce circulating supply.
Read Also: No Longer Considered Trivial, This is the Potential of Solana and Ethereum!
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