Context

The price of $SOL has surged from $9 on January 1st to $42 on November 1st, representing a 366% increase. What factors have contributed to this substantial rise, and what does this indicate about the performance of the blockchain?

In November 2022, one year ago, when $SOL, the native token of Solana, experienced a 95% drop from its all-time high, many questioned the vitality of the Solana blockchain.

In our year-end analysis for 2022, we demonstrated that the $SOL price, in many respects, reflects the performance of the Solana blockchain. However, two factors did not exhibit a strong correlation with SOL price: Development and the NFT Market. This led us to the conclusion that the Solana blockchain is still resilient.

Now, in light of the recent surge in $SOL price, we face a new question: to what extent does the price of $SOL reflect the performance of the blockchain, and whether Solana, as a blockchain, will return to its previous flourishing days.

Method

This dashboard aims to provide a comprehensive analysis of the evolution of the Solana blockchain from January 2023, when SOL's price was at a significant low, to November 2023. It primarily focuses on comparing the protocol's status from various aspects between these two months, the starting and ending points of the period.

The following domains and metrics will be examined:

• $SOL Price
• Popularity: The number of active and new users
• Performance: Success Rate and Number of transactions
• Gas Fee: Transaction fees generated
• NFT: The number of NFTs minted, NFT sales, and NFT purchasers
• $SOL Transfers: The number and volume of $SOL transfers
• Development

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