Solana recently saw its on-chain transfer volume reach a record $318 billion, nearly three times its market capitalization of $112.5 billion. Glassnode reported that this surge is predominantly driven by bots, questioning the authenticity of the growth as mean and median transaction volumes declined concurrently. The increase in activity resulted in daily revenue hitting almost $6 million, with over $7 million in transaction fees collected on November 20. Despite the concerns regarding inflated activity figures, Solana's overall performance has attracted investor interest, with speculation suggesting potential price targets for SOL at $275 to $400. Solana's price rose 15% over the past week and 43% over the month, reaching $238 at publication, solidifying its position as the fourth-largest cryptocurrency by market capitalization.

Source 🔗