TL;DR
- Despite initial concerns about a historic crash, Solana’s transaction volume has stabilized and returned to normal levels.
- SOL price, after dipping below $126 in August, has shown signs of recovery, with the RSI suggesting a possible decrease in selling pressure.
- September has historically been a bearish month for major cryptocurrencies, which could impact Solana’s performance.
Solana has recently seen a significant recovery in its transaction volume, despite concerns about a potential all-time low, according to data from Messari.
These concerns arose following a notable decline in activity on Pump.fun, a platform known for its focus on meme tokens.
The drop in Pump.fun activity, which saw a reduction in the number of active users and token-issuing wallets, raised fears of a severe decline in Solana’s transaction metrics.
However, recent data shows that despite a brief decline in fee generation, Solana transaction volume has returned to normal levels, indicating a stabilization on the network.
Despite the reduction in activity on Pump.fun, which saw a decline in the number of daily active users from 56,000 to around 33,000, and a drop in the number of token-issuing wallets from 15,000 to around 3,000, the Solana network has not suffered a significant collapse.
The platform continues to generate significant fees, with estimates reaching $300,000 even on less active days.
This situation could be related to the emergence of SunFun on the TRON network, which has captured some of the meme token activity, raising questions about the sustainability of this trend.
Despite the decline in activity on Pump.fun, Solana continues to show robust user engagement.
According to TokenMetrics, weekly fee generation remains above $4 million, and the network recently hit peaks of over 3 million daily wallet interactions.
However, it is important to note that much of the activity on the network is driven by automated bots, which play a major role in Solana’s business transactions.
SOL price, which had struggled to stay above $160, has started to show signs of recovery after dipping below the $126 support in August.
The Relative Strength Index (RSI), a key momentum indicator, has started to rise from oversold levels in late August, suggesting a possible decrease in selling pressure.
Additionally, Solana’s on-chain metrics such as increased development activity and Total Value Locked (TVL) reflect robust long-term potential, despite near-term price challenges.
Future Perspectives in Solana
While Solana’s recovery and increased transaction volume are encouraging signs, overall market conditions could continue to present challenges.
September has historically been a bearish month for Bitcoin and other major cryptocurrencies, which could influence investor sentiment and market dynamics.
Investors should consider both short-term fluctuations and long-term trends when evaluating Solana’s prospects.
The network continues to show strong long-term potential, with positive indicators in network development and activity suggesting that Solana could maintain its relevance and growth in the cryptocurrency space.
