Solana Becomes the Most Profitable Blockchain Network, SOL Price Drops 15%

For the fifth consecutive week, Solana has recorded the highest revenue among layer-one and layer-two networks, but the price of SOL has decreased by about 15% in less than three weeks. The number of addresses holding at least one staked token on this network has reached approximately 1.4 million. Data from Blockworks shows that Solana generated around $6.54 million in revenue from October 12 to 18, nearly double the $3.23 million revenue of Binance Smart Chain. Ethereum and Bitcoin recorded revenues of $2.87 million and $1.5 million, respectively. Solana's share of the total revenue of $17.31 million from all networks during this period was 38%. However, Solana's total revenue has declined over the past month. The number of addresses holding staked tokens on Solana has increased from less than 500,000 addresses at the beginning of September to about 1.4 million addresses, but these addresses do not necessarily equate to real users. At the time of writing, the price of SOL was approximately $104, while it was nearly $122 at the beginning of October and around $125 in late September. Market indicators suggest a decrease in buyer strength. The Relative Strength Index (RSI) has reached 38, and the Chaikin Money Flow (CMF) has dropped from 0.27 to -0.14. These indicators suggest that the growth in network activity has not been accompanied by increased demand for SOL.

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