Solana Surpasses Robinhood Chain in Revenue from Applications
Solana has surpassed several significant blockchain ecosystems in terms of revenue from applications, generating over twice as much revenue as Robinhood Chain in a 24-hour period. According to recent data, Solana's applications brought in about $6.56 million in revenue, while Robinhood Chain recorded around $3.22 million. Binance Smart Chain (BSC) came in second with approximately $3.26 million.
This significant revenue performance for Solana coincides with a substantial recovery in the price of its native token, SOL. After falling to around $62 in June, SOL has recovered and is currently trading at about $104.40. The asset's technical development reached a peak in August when it broke out of a consolidation phase and quickly moved through its major moving averages.
Currently, SOL is trading above the 20-day moving average at around $97.07 and significantly above the 200-day average, which is close to $91.38. The support structure beneath the current price is strengthened by the concentration of the 50-day and 100-day averages around $86. However, it's essential to note that a higher SOL price is not directly guaranteed by the application-revenue ranking.