Solana Blockchain Records $12 Million in Daily Net Inflows
Solana blockchain has gained significant attention recently. Recent on-chain data indicates it led the blockchain sector with the highest daily net inflows among the top 20 major blockchains, recording $12 million in net inflows, surpassing Arbitrum and Sui combined. This represents a notable recovery for Solana, which last held the top position on November 17, with $17.6 million in daily inflows.
Solana's Impressive Performance
On December 15, Solana (#SOL) achieved the highest net inflows, taking the lead from Arbitrum, which had $5.9 million the previous day. Sui blockchain followed in third place with $5.3 million. In contrast, Ethereum experienced a $25.4 million net outflow, ranking it at the bottom of the list.
Solana has demonstrated remarkable growth throughout the year, reporting an 83% annual increase and surpassing Ethereum in several metrics. A significant milestone occurred in November when its Decentralized Exchange (DEX) trading volume exceeded $109.73 billion, marking its first time breaking the $100 billion threshold. Following this, Solana's token price peaked at $263.21 on November 23.
While some may associate Solana’s recent successes with the memecoin sector, particularly the Pump.fun launchpad, data from Dune shows that Pump.fun's daily revenue declined from $2.67 million on December 14 to $2.51 million on December 15. This suggests that Solana's rise is tied to broader blockchain growth rather than solely meme coin activities.
What Is Driving the Big Success?
Solana's market performance can be attributed to several key milestones in 2024. Despite broader market challenges, Solana has shown resilience, driven by strong user adoption and a robust technical foundation. This has resulted in impressive trading volumes and consistent daily net inflows, indicating growing investor confidence.
The protocol leads the blockchain ecosystem in onboarded developers year-to-date (YTD). Currently, SOL is trading around $214.80, reflecting a nearly 2% decline in the past 24 hours.
Additionally, the total value locked (TVL) on the Solana blockchain has reached approximately $9.215 billion, a new all-time high, representing 6.74% of TVL across all blockchains. Analysts project that Solana could emerge as a leading contender in the memecoin market, with a price target of $600 by 2025, suggesting increasing confidence in its long-term potential.