2024

Solana

Photon

Daily

<p>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.</p> 
<p>Early in 2024, <a href="https://www.thecoinrepublic.com/2024/12/09/solana-crypto-fluctuates-as-long-positions-on-sol-surge-whats-next/">SOL</a> 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.</p> 
<p>In the early months of 2024, Solana soared, reaching highs around $220 in March from a low at $40 in December 2023.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="476" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-1024x476.png" alt="" class="wp-image-884966" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-1024x476.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-300x140.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-768x357.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-150x70.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-696x324.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369-1068x497.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-369.png 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   <em>SOL/USDT 12-hour chart | Cryptochimpanz/X</em>
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<p>Presently, after a substantial rise from similar lows, the price action predicts a similar trajectory.</p> 
<p>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.</p> 
<p>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?</p> 
<h2 class="wp-block-heading" id="h-solana-s-total-dapp-revenue-at-record-highs"><strong>Solana’s Total DApp Revenue at Record Highs</strong></h2> 
<p>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.</p> 
<p>This sector outperformed other categories, indicating robust engagement from users and speculators alike.</p> 
<p>Telegram bots and Spot DEXes followed with $300 Million and $141 million respectively, highlighting the diverse utility and adoption within Solana’s ecosystem.</p> 
<p>The stark contrast in revenue generation across different DApp categories showed the unique dynamics of the blockchain space.</p> 
<p>While some categories like MEV and lending DEXes earned considerably less, the high revenue from memecoin DApps favored speculative and community-driven projects.</p> 
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   <p lang="en" dir="ltr">According to the Syndica research, Solana's total DApp revenue in November hit a record high of US$365 million. Pumpfun became Solana's first DApp to exceed US$100 million in revenue in the month, reaching US$106 million; DEX platform Raydium's revenue in November reached US$32… <a href="https://t.co/HS6klPxw4y">pic.twitter.com/HS6klPxw4y</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1869409359710884028?ref_src=twsrc%5Etfw">December 18, 2024</a>
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<p>Furthermore, Syndica’s deep dive into November’s DApp revenues revealed a record-setting $365 Million in total revenue for the month.</p> 
<p>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.</p> 
<p>This suggested significant concentration of trading volume and participant interest within specific projects, driving the overall economic activity on Solana’s network.</p> 
<p>These figures hinted at emerging trends where community and speculation drive considerable market movements, possibly foreshadowing future growth areas.</p> 
<h2 class="wp-block-heading" id="h-sol-daily-transactions"><strong>SOL Daily Transactions</strong></h2> 
<p>Solana’s daily transaction volumes surpassed all other blockchain networks including Ethereum and Polygon. This significant increase culminated in a new all-time high.</p> 
<p>The surge in <a href="https://www.thecoinrepublic.com/2024/11/20/solana-market-cap-hits-ath-sol-leads-weekend-gains/">Solana</a>‘s transactions began noticeably around mid-2023, after maintaining relatively stable levels through the first half of the year.</p> 
<p>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.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="821" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77-1024x821.jpeg" alt="" class="wp-image-884947" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77-1024x821.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77-300x241.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77-768x616.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77-150x120.jpeg 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77-696x558.jpeg 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-77.jpeg 1040w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   Daily Transactions | Source: Artemis
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<p>This trend aligned with historical patterns where rising transaction volumes often preceded substantial price increases.</p> 
<p>If the pattern hold, it suggests that SOL could potentially approach or even exceed the $420 level in the early months of 2025.</p> 
<p>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.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/19/solana-replicates-early-2024-pattern-can-sol-surge-past-420-in-q1-2025/">Solana Replicates Early 2024 Pattern: Can SOL Surge Past $420 in Q1 2025?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Solana Replicates Early 2024 Pattern: Can SOL Surge Past $420 in Q1 2025?

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