Solanas Revenue Skyrockets 42Fold in Q2 Can Q3 Keep Up

CryptoSlate reports:
Solana’s TVL grew by over 1000% year-on-year in the second quarter. SOL rose by over 3% in the past 24 hours.
We’ve concluded the first week of the third quarter and assessed the performance of several coins in the second quarter, including Solana [SOL]. The latest report highlights various aspects of blockchain performance in the previous quarter. Let’s delve into how SOL fared.
Solana’s Q2 Performance
Coin98 Analytics tweeted about Solana’s performance across multiple aspects. Firstly, the report mentioned significant growth in Solana’s fees and revenues in the second quarter, generating over $26 million in revenue.
This is commendable, with a 42x year-on-year growth. SOL’s total trading volume reached $292 billion, nearly 7 times higher than the same period last year.
Furthermore, Solana executed over 15.3 billion transactions. Its daily active addresses surpassed 900,000, a 499% year-on-year increase.
A standout area for SOL was in the DeFi sector.
According to the report, SOL’s TVL grew by over 1000% year-on-year. Additionally, over 98 million new NFTs were created, a 54x increase compared to the previous period.
In the second quarter of 2024, Solana had 1.4 million unique NFT buyers and 678,000 sellers.
SOL’s Q3 Status
Now, let’s examine the data from Artemis to gauge how SOL performed in the first week of this new quarter.
Unlike the second quarter, the start of the third quarter wasn’t favorable as some key metrics saw declines. For instance, SOL’s daily active addresses sharply dropped last week. Consequently, the blockchain’s daily transaction volume also decreased.
Similar downward trends were seen in the blockchain’s fees and revenues. Nonetheless, SOL’s performance in the DeFi sector still holds promise as its TVL continued to rise last week.
SOL’s Price Action
Following a few days of decline last week, the token’s price regained momentum.
Per CoinMarketCap data, SOL’s price increased by over 3% in the past seven days. At the time of writing, SOL was trading at $140.57, with a market cap exceeding $65 billion, making it the fifth-largest cryptocurrency.
AMBCrypto subsequently examined Solana’s daily chart to better understand if this bull market is likely to persist.
Read Solana’s [SOL] Price Forecast for 2024-25
The MACD technical indicator in the market shows a slight bullish advantage. SOL’s Chaikin Money Flow (CMF) has been rising, indicating a high likelihood of sustained price increases. However, the Relative Strength Index (RSI) looks bearish as it moves southward.