Solana's Daily Transactions Surge 62.7% as Price Jumps 22.5%

Solana's network activity surged in April, with daily transactions increasing by 62.7% from around 84 million to nearly 99 million. This significant rise in user engagement was accompanied by a notable increase in Solana's price, which jumped from under $120 to above $146. The synchronized uptrend in both daily transactions and price suggests that Solana's rally is driven by organic usage rather than mere speculation. Notably, transaction spikes preceded several price jumps, indicating that demand is fueling the momentum. This consistent pattern strengthens the bullish case for Solana, especially if user activity continues to accelerate into May.

The network's fee growth also reflects deeper usage and enhanced monetization. Daily fees rose from under $90,000 to around $1.4 million, while revenue trended upward in parallel, hitting nearly $2 million by late April. The close alignment between fee generation and protocol revenue suggests sustainable economic activity, not just one-off surges. This indicates high user demand and that Solana’s value capture mechanisms are functioning effectively, positioning it competitively against peers as on-chain activity continues to scale.

Open Interest, a measure of the total number of outstanding derivative contracts, also surged alongside Solana's price, rising from approximately $1.6 billion to $2.3 billion. This tandem movement suggests that market participants are increasingly confident in Solana's trajectory, reinforcing the view that the rally is backed by strong capital inflows, not just spot buying. Importantly, price pullbacks have often seen Open Interest hold steady or recover quickly, indicating that bullish sentiment may carry through into May.