Solana's network is experiencing a notable resurgence, with increased on-chain activity pushing SOL prices to a two-month high. This revival is marked by a significant spike in transaction volumes and active accounts, reverting to levels observed before the FTX collapse. Messari analytics highlighted that the Solana transaction count and the number of active accounts, approximately 240,000, have returned to their October figures.
The Solana NFT market is also showing signs of recovery. Network throughput is reported at around 3,735 transactions per second, and the total floor value of Solana’s NFT ecosystem has surged past $470 million, reaching its pre-FTX levels. However, a noticeable decline in transaction success rate on January 12 suggests potential network performance issues.
Coin98Analytics ranks Solana fourth in terms of active addresses over the past week, boasting 3.16 million active addresses. This follows the BNB Chain and Ethereum in the list of active blockchain addresses.
The recent boost in Solana's performance is partly attributed to the BONK meme coin airdrop, although the coin experienced an 80% slump within a week. Despite this, Solana's co-founder, Raj Gokal, remains optimistic about the network's potential.
In terms of price, SOL has slightly increased to $16.26 but struggled to surpass the $17 mark, facing resistance. Currently, SOL is 93.7% below its peak price, indicating a challenging recovery path ahead.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.