Solanas Revenue Skyrockets by 42Fold in Q2 Can Q3 Keep Up the Pace

CoinDesk Report:
Solana’s TVL grew over 1000% year-over-year in Q2. SOL rose over 3% in the past 24 hours.
We’ve concluded the first week of Q3 and reviewed performance of several coins from Q2, including Solana [SOL]. The latest report highlights blockchain performance in the previous quarter. Let’s delve into how SOL fared.
Solana Q2 Performance
Coin98 Analytics tweeted about Solana’s performance across various metrics. Firstly, the report noted significant growth in Solana’s fees and revenues, generating over $26 million in revenue.
This marks a commendable 42-fold year-over-year increase. SOL’s total trading volume reached $292 billion, nearly seven times higher compared to the same period last year.
Additionally, Solana executed over 15.3 billion transactions. Its daily active addresses surpassed 900,000, a 499% year-over-year increase.
Solana excelled notably in the DeFi space.
According to the report, SOL’s TVL skyrocketed over 1000% year-over-year. Furthermore, newly created NFTs exceeded 98 million, marking a 54-fold increase.
In Q2 2024, Solana had unique NFT buyers and sellers totaling 1.4 million and 678,000, respectively.
SOL’s Status in Q3
Now, turning to Artemis data to examine SOL’s performance in the first week of this new quarter.
Unlike Q2, Q3 started on a less positive note with some key metrics seeing declines. For instance, SOL’s daily active addresses sharply dropped last week, consequently reducing blockchain’s daily transaction volume.
Similar declines were observed in blockchain fees and revenues. Nevertheless, SOL’s DeFi performance remains promising with its TVL continuing to rise last week.
SOL’s Price Outlook
After a few days of decline last week, the token’s price has regained upward momentum.
According to CoinMarketCap data, SOL’s price rose over 3% in the past seven days. As of writing, SOL is trading at $140.57, with a market cap exceeding $65 billion, ranking it as the fifth-largest cryptocurrency.
AMBCrypto subsequently examined Solana’s daily chart to assess whether this bullish trend will persist.
Read Solana [SOL] Price Predictions 2024-25
Technical indicators show a slight bullish bias in the market. SOL’s Chaikin Money Flow (CMF) is trending upwards, suggesting a high likelihood of continued price increases.
However, the Relative Strength Index (RSI) indicates bearish sentiments as it trends downward.