Solana (SOL), which is among the shining stars of 2023, has experienced tremendous rises since last October.
Discussing Solana's 2023 journey and development, Messari said that SOL started 2024 strongly.
Saying that 2024 is the year of Solana, Messari analysts stated that there are an average of 40.7 million daily user transactions in the Solana network.
Noting that Solana's market value increased by 423% in the last quarter of 2023, analysts wrote the following about SOL:
“Solana became one of the leaders of the crypto market rally in Q4 2023.
At this point, SOL completed the last quarter with a market value of $43.8 billion. SOL ranked fifth among all cryptocurrencies in terms of market capitalization in the fourth quarter, surpassing ADA, USDC and XRP.
As the price of SOL increased, the chain saw an increase in network activity.
The rise of SOL and Solana-based memecoins during the quarter also led to an increase in new demand for Solana.
Also, as expected, transaction fees increased as more users flocked to the chain.
Accordingly, users had to pay an average transaction fee of 0.000025 SOL in the 4th quarter; This represents a 175% increase over the 0.000009 SOL paid in Q3. “
Solana is at $98 at the time of writing.
1/ 2024 is the year of Solana 🐲☀️
The network is strong heading into 2024, with recent reports highlighting the 2500+ developer community, 40.7 million daily user transactions, & mature tooling.https://t.co/ZHlK9M8cUk
This is why Solana is the place to build in 2024👇🧵
— Solana (@solana) January 11, 2024
*This is not investment advice.
