Solana posts 42x revenue growth in Q2: can Q3 keep up?

  • Solana’s TVL increased by more than 1000% year-over-year in the second quarter.
  • SOL is up over 3% in the past 24 hours.

We have wrapped up the first week of Q3 and the Q2 performance of various coins such as Solana [SOL] have arrived. The recently published report listed the blockchain’s performance on various fronts during the last quarter. Let’s take a look at how SOL did.

Solana’s Q2 Performance

Coin98 Analytics has a tweet which cites Solana’s performance on many fronts. To start, the report noted that Solana’s compensation and revenues saw significant growth in the second quarter, with revenues exceeding $26 million.

This is commendable as it represents a 42x growth compared to last year. The total SOL trading volume was $292 billion, almost 7 times higher than the same period last year.

In addition, Solana executed over 15.3 billion transactions. Daily active addresses were over 900k, which was a YoY growth of 499%.

The sector where SOL performed exceptionally well was the DeFi sector.

According to the report, SOL’s TVL increased by over 1000% YoY. In addition, over 98 million new NFTs were created, an increase of 54x YoY.

In Q2 2024, Solana’s unique NFT buyers and sellers totaled 1.4 million and 678,000, respectively.

The State of SOL in Q3

Now let’s take a look at Artemis’ data to see how SOL performed in the first week of this new quarter.

Unlike Q2, Q3 didn’t start off well, as a few key metrics dropped. For example, SOL’s daily active addresses dropped sharply last week. As a result, the blockchain’s daily transactions also dropped.

Solana's daily active addresses

Source: Artemis

A similar downward trend can be seen in terms of blockchain fees and revenues. Nevertheless, SOL’s performance in the DeFi space remained promising as its TVL continued to rise over the past week.

The price of SOL is the same

After a few days of decline last week, the token’s price now gained bullish momentum again.

According to MintMarketCapSOL’s price has increased by over 3% in the past 7 days. At the time of writing, SOL was trading at $140.57 with a market cap of over $65 billion, making it the 5th largest crypto.

AMBCrypto then checked Solana’s daily chart to better understand whether this bull run would continue.

Read Solana’s [SOL] Price Prediction 2024-25

The technical indicator MACD showed a slight bullish predominance in the market. SOL’s Chaikin Money Flow (CMF) registered an uptick, suggesting that there was a high chance of a sustained price increase.

However, the Relative Strength Index (RSI) appeared to be negative and declined.

Source: TradingView

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