• Solana observes a spike in activity, stablecoin, and DEX volumes increase.
• The price of Solana continues to decline, however, stakers remain optimistic about the network.

Solana [SOL], despite facing criticisms for multiple downtimes on its network, has remained undeterred as it continued to make progress in terms of improving on its technology.

Is your portfolio green? Check out the Solana Profit Calculator

Due to this and various other factors, the overall activity on Solana started to surge. According to data provided by Step Data Insights, in the past 24 hours, there has been a significant increase of 150,000 in the daily active addresses on Solana.

This development was in contrast to the downtrend observed on Polygon and Ethereum during the same period and reinforces the 30-day uptrend in Solana’s activity.

Solana was also observed to be doing well in the DeFi space as well. Artemis’ data indicated that there was a huge surge in terms of stablecoin growth on Solana. The Solana protocol managed to eclipse major competitors in the crypto space in this regard.

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Author: Himalay Patel

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