As a seasoned crypto investor, I’ve seen my fair share of market volatility and price dips. The recent decline in Solana (SOL) price has been disheartening, with the token losing over 6% in the last week and 25% in the past month. However, amidst this turbulence, I’m excited about the network’s latest achievement – hitting an all-time high of 30 million monthly active addresses (users).
Recently, Solana (SOL) has experienced significant market turbulence, resulting in a consistent decrease in its price. Based on information from CoinMarketCap, the so-called “Ethereum Killer” has seen a weekly loss of 6.36%, making it the greatest price decliner among the top 10 cryptocurrencies.
It’s intriguing to note that the recent price drop of SOL represents a larger 24.61% loss for the cryptocurrency over the past month. Amid this downturn, however, there’s good news: The Solana network has achieved a notable milestone that could rekindle investor interest.
Solana Records All-Time High Of 30 Million Monthly Users
For Solana fans, an exciting revelation emerged last Friday as per data from Artemis, the blockchain analytics platform. The number of active addresses (representing users) on the network reached a new high of 30 million. This intriguing update was disseminated by the data analysis account, SolanaFloor.
BREAKING: Monthly active addresses on @Solana surpass 30 million, a new all-time high.
— SolanaFloor (@SolanaFloor) June 21, 2024
In 2022, the Solana blockchain surpassed 25 million monthly active users. Yet, by 2023, this figure had dropped significantly to as low as 5 million. Contrastingly, the smart contract platform has regained interest in 2024, with a consistent uptick in monthly users numbering over a million each month thus far.
In the world of cryptocurrencies, an increase in users on the Solana network holds significant weight as it signifies growing investor trust and confidence in the market. This is particularly relevant given the recent price decline of SOL. The surge in active addresses on this fifth largest crypto can largely be attributed to the current buzz surrounding Solana meme coins, a vibrant ecosystem worth over $5.65 billion that has offered investors lucrative opportunities for substantial trading gains.
Further benefits include the draw of larger user bases leading to enhanced liquidity, stronger network security, and the generation of additional use cases. These aspects are essential in drawing in additional investment and elevating a token’s worth.
What’s Next For SOL?
Currently, the price of SOL is $133.36, which represents a 0.34% decrease from the previous day. Additionally, the token’s daily trading volume has decreased by 6.81%, amounting to $2.19 billion.
For Solana, the bulls encounter significant resistance around the $151 mark. If their buying power manages to surmount this hurdle, SOL may rise to hit $190 within a few weeks. Conversely, if the resistance holds firm and pushes back, the token could plummet down to $120.
All traders are reminded to perform due diligence before engaging with the cryptocurrency market.
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2024-06-22 09:40