Last week, Solana (SOL) showed significant growth, rising to $167 amid increased transaction activity and growing interest from institutional investors.
Solana Network Activity
Over the past week, Solana processed 590 million transactions, a 32% increase from the previous week. This volume surpassed the combined transactions of Ethereum, Binance Coin, and Sui. The number of active addresses on the platform grew by 5.3%, reaching 24.3 million, while the network fees rose by 44% to $7.6 million.
Increase in Investment Product Interest
The market for investment products linked to Solana is showing growing interest. The newly launched REX-Osprey SOL + Staking ETF attracted over $72 million in assets within just two weeks. This ETF offers investors exposure to Solana and its staking yields, currently approximately 7.5%.
Meme Coin and Stablecoin Valuation
The meme coin sector on the Solana platform also experienced a sharp increase in valuation, with their total market capitalization rising from $6 billion in April to $12.4 billion this month. Meanwhile, the supply of stablecoins on Solana reached $10.7 billion, and the overall number of addresses holding stablecoins grew by 15% to 3.4 million.
Solana's strong dynamics are evidenced by the rising network activities, increasing interest in investment products, and the valuation growth of meme coins. Analysts are watching the $187 mark as the next resistance level, which could open the path to new highs.
