Solana Dominates Daily Transactions, Outpaces Ethereum, Aims for 30.3% Q3 Growth

Solana, the sixth-ranked cryptocurrency asset by market capitalization, has shown remarkable dominance in daily transaction counts, surpassing other assets including Ethereum, which is ranked higher in the crypto space. As the second quarter of the financial market concludes, Solana's performance has been notable, with the potential for significant price gains.

According to data from Artemis, the combined transaction totals of Ethereum, Avalanche, Sui, Base, Binance Coin, and others do not match that of Solana. This is largely due to Solana's high-performance blockchain, which can process over 2,600 transactions per second, compared to Ethereum's 15 to 30 transactions per second. This speed advantage, coupled with low fees, makes Solana a preferred choice for users.

The high transaction volume on Solana suggests strong network activity, user engagement, and widespread application usage on the Solana blockchain. This includes adoption in decentralized finance (DeFi) apps, NFTs, games, and more. Solana's leadership position in terms of scalability and adoption within the cryptocurrency ecosystem is further highlighted by its unmatched transaction processing capabilities among many altcoins.

With Solana riding on a high transaction count into the third quarter (Q3), expectations are high for the asset. A professional trader with the username @barneytheboi remains optimistic that SOL will rebound massively in Q3. Barneytheboi’s optimism is based on several factors, including the possible approval of a Solana exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). Over five different asset managers have their S-1 applications with the U.S. SEC, including Fidelity Investments and 21Shares. In a recent Polymarket prediction, crypto traders give SOL ETF a 76% chance of approval by the U.S. SEC. The increasing odds of approval reflect growing confidence among investors in the cryptocurrency space, which could influence their trading patterns and the amount of funding they commit to Solana.

Other bullish trends for Solana as it heads into Q3 include the Pump.fun Token Generation Event (TGE) and the increasing volume of stocks in the traditional market. With stocks nearing an all-time high (ATH), it signals strong investor confidence that could spill over into crypto assets.

Historically, Solana has maintained a near all-green performance in Q3, with the only exception being in 2022 when it closed in the red with a slight decline of 1.20%. July is also a bullish month for Solana, with an average growth rate of 30.3%. Since 2020, Solana has maintained a streak of closing in the green, and the asset looks likely to repeat this performance in 2025. If SOL sees a 30.3% price growth, this could push its market valuation to over $190, but still below the $200 level. However, this would not be enough to see Solana price post a new ATH to flip its current record of $294.33 set in January 2025. To achieve a new ATH, the asset needs to grow by over 50% from its current price of $146.48. It remains to be seen if Solana’s price can rally to investors’ expectations.