September 24, 2022

Solana Closes In On 100B Transactions As SOL Price Targets $40

Solana has established itself in the DeFi and NFT space over the past years. The network has become a possible “Ethereum Killer” that could displace the smart contract.

Solana Gets Closer To 100 Billion Transactions

The Solana blockchain offers cheaper and faster transactions to users. As a result, the number of transactions on the network has increased, bringing the crypto close to another milestone.

After operating for just two years, Solana has gained massive acceptance among cryptocurrency investors. The blockchain has an average of 3,000 TPS (transactions per second), meaning the transaction rate is increasing. 

Currently, the total transactions on Solana’s network gas crossed 97.1 billion as of Friday. On Thursday, the total amount was about 86 billion.

This surge between Thursday and Friday signifies a growth of over 1 billion within a day. Hence, the network is likely to hit 100 billion before next week.

Comparing Solana to Ethereum, the largest altcoin is currently recording 13 TPS with 1 million transactions daily. The Ethereum Merge would reportedly allow the nerves to process over 100,000 TPS.

However, Ethereum is currently behind Solana in terms of capacity and speed. Meanwhile, the Merge is taking place next week.

In the past 24 hours, digital assets have witnessed huge gains. Solana has increased by over 7%, pushing the price beyond $35. However, cryptocurrency still has a long way to go before the year ends.

Solana (SOL) Aiming For $40 Price Level

Presently, Solana is above the 20-day MA, with the selling price easing up gradually. Consequently, this has given the crypto asset space to find support at $35 as it targets the $40 price level.

Furthermore, Solana is also recording massive growth in other areas that are pushing prices up. One of them is the increase in NFT trading. Magic Eden, the largest NFT marketplace on the Solana blockchain, is gradually meeting up with OpenSea. 

In the last week, Opensea recorded over 149,488 NFT traders, while Magic Eden had 101,349 traders. The rising popularity of new collections like Yoots, DeGods, and Okay Bears has also attracted users to Solana. 

Hence, the blockchain is preparing for an explosion soon as NFT traders and minters seek cheaper platforms. The biggest driver for the coin’s recovery is the high demand for trading activities. 

If this momentum should continue, the coin may likely test the $40 price zone before next week. As of the time of writing, Solana is trading at $34.72, down by 1.57% in the past 24 hours.

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