Solana posts 42x revenue surge in Q2: Can Q3 keep up?

• Solana’s value added increased by more than 1,000% year-over-year in Q2.
• SOL stock is up more than 3% in the last 24 hours.

We have concluded the first week of Q3 and the Q2 performance of many coins like Solana. [SOL] You’ve arrived. The newly published report mentions blockchain’s performance on several fronts over the past quarter. Let’s take a look at SOL’s performance.

Solana Q2 Performance

Coin98 Analytics published tweet The report noted Solana’s performance on several fronts. First, the report stated that Solana’s fees and revenues saw significant growth in the second quarter, generating over $26 million.

This was commendable, as the growth was 42 times year-on-year. Total stock market trading volume reached $292 billion, nearly 7 times higher than the same period last year.

Apart from that, Solana has executed over 15.3 billion transactions. Its daily active addresses have surpassed 900,000, which is a 499% increase year-on-year.

One sector where SOL performed exceptionally well was the DeFi space.

According to the report, SOL’s total TVL value increased by more than 1,000% year-on-year. In addition, more than 98 million new NFTs were created, up 54x year-on-year.

In Q2 2024, the number of unique NFT buyers and sellers on Solana was 1.4 million and 678 thousand, respectively.

SOL status in Q3

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

Unlike Q2, Q3 didn’t start off well as some key stats dropped. For example, daily active SOL addresses dropped sharply last week. Thanks to this, daily blockchain transactions also dropped.

Source: Artemis

We also see a similar downward trend in blockchain fees and revenues. However, SOL’s performance in the DeFi space has remained promising as TVL has continued to rise over the past week.

SOL price at par

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

according to Coin Market CapSOL price has increased by more than 3% in the past seven days. At the time of writing, SOL price is trading at $140.57 with a market cap of over $65 billion, making it the fifth largest cryptocurrency.

Next, AMBCrypto examined the daily chart of Solana to better understand whether this rally will continue on its own.

Read Solana’s book [SOL] Price forecast 2024-2025

The MACD technical indicator showed a slight upward trend in the market. SOL’s Chaikin Money Flow (CMF) indicator recorded a slight increase, indicating that the chances of a continued price rise were high.

However, the Relative Strength Index (RSI) looked bearish as it headed south.

Source: TradingView