In a remarkable turn of events, Solana's blockchain network witnessed a significant surge in revenue during the month of March, causing its native token, SOL, to skyrocket by more than 50%. As per AMBCrypto's analysis of Token Terminal data, Solana's smart contracts network bagged an impressive $31.58 million in revenue, propelling it to become the third-highest revenue generator in the broader Web3 industry.

Solana successfully flipped lending protocol MakerDAO, which had consistently held the third spot in recent months. Ethereum and Tron retained their positions as the top two revenue generators. This substantial increase in revenue can be attributed to the explosive growth of memecoin trading on the platform. Numerous coins were minted on the Solana blockchain, attracting crypto enthusiasts who wasted no time in joining the frenzy. The resulting surge in transactions led to a significant rise in fee revenue for the Solana network.

The positive effect of increased utilization of the Solana blockchain was also reflected in the performance of its native token, SOL. CoinMarketCap reported that SOL experienced a significant surge, making it one of the highest-gaining cryptocurrencies in March. Additionally, Solana burns 50% of its fee revenue, which means that as more fees are collected, it adds deflationary pressure on the SOL token.

The price surge of SOL also grabbed the attention of derivatives traders. Coinglass data, analyzed by AMBCrypto, found that the Open Interest (OI) in SOL futures increased to $2.74 billion, marking a 43% increase for the month. This rise in OI, paired with the growing market value, indicates a bullish market sentiment for SOL.

As of now, SOL stands at just 21% below its all-time high (ATH) of $249, recorded in November 2021. Market commentators, like Captain Faibik, have recently predicted that SOL could hit a new ATH sometime in April. This would be a remarkable achievement for the asset, considering its value plunged to $18 during the peak of the crypto winter in November 2022.

The impressive revenue growth and market performance of Solana's blockchain network, coupled with the substantial increase in SOL's value, have positioned it as a prominent player in the Web3 industry. With the promise of further developments and the market's support, Solana is poised to continue its upward trajectory in the coming months.