As the new year approaches, Solana’s price action is mirroring its early 2024 performance, suggesting a potential rally similar to the one observed from January to February 2024.
Early in 2024, SOL broke through descending trendline, initiating a rally. Currently its showing comparable momentum after recent surge past key resistance levels similar to early in the year.
In the early months of 2024, Solana soared, reaching highs around $220 in March from a low at $40 in December 2023.
Presently, after a substantial rise from similar lows, the price action predicts a similar trajectory.
If Solana continues to replicate this pattern, it could potentially surge past $420 in Q1 2025. The recent price movement closely followed the path set earlier in the year, which had led to huge gains.
With increasing consistency in Solana and historical patterns serving as a potential indicator, the question arises: Can SOL continue replicating its early 2024 performance in Q1 2025?
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Solana’s Total DApp Revenue at Record Highs
The memecoin DApps category on Solana emerged as a revenue leader, amassing over $500 Million, with leading applications like Pump.fun and Photon at the forefront.
This sector outperformed other categories, indicating robust engagement from users and speculators alike.
Telegram bots and Spot DEXes followed with $300 Million and $141 million respectively, highlighting the diverse utility and adoption within Solana’s ecosystem.
The stark contrast in revenue generation across different DApp categories showed the unique dynamics of the blockchain space.
While some categories like MEV and lending DEXes earned considerably less, the high revenue from memecoin DApps favored speculative and community-driven projects.
Furthermore, Syndica’s deep dive into November’s DApp revenues revealed a record-setting $365 Million in total revenue for the month.
Notably, Pumpfun, a prominent memecoin DApp, broke records by exceeding $100 million alone, while Raydium and Jupiter also posted substantial figures of $32 million and $17 million, respectively.
This suggested significant concentration of trading volume and participant interest within specific projects, driving the overall economic activity on Solana’s network.
These figures hinted at emerging trends where community and speculation drive considerable market movements, possibly foreshadowing future growth areas.
SOL Daily Transactions
Solana’s daily transaction volumes surpassed all other blockchain networks including Ethereum and Polygon. This significant increase culminated in a new all-time high.
The surge in Solana‘s transactions began noticeably around mid-2023, after maintaining relatively stable levels through the first half of the year.
The upswing intensified in late 2023, as Solana continued to outperform competing chains such as Arbitrum, Base, and various Polygon networks, which remained mostly flat in comparison.
This trend aligned with historical patterns where rising transaction volumes often preceded substantial price increases.
If the pattern hold, it suggests that SOL could potentially approach or even exceed the $420 level in the early months of 2025.
This not only highlights SOL’s leading position in terms of transaction activity but also indicates the potential for continued appreciation based on its network dynamics and user engagement.
