Solana Records New Monthly User High Amidst Persistent Price Drop
22 Junio 2024 - 12:00AM
NEWSBTC
Solana (SOL) has had a turbulent time lately evident with a
consistent decline in its market price. According to data from
CoinMarketCap, the “Ethereum Killer” is down by 6.36% on its weekly
chart, emerging as the biggest loser among the top 10 tokens.
Interestingly, this price dip depicts the larger negative
performance of SOL in which it has lost 24.61% of its value in the
last month. However, amidst this mayhem, the Solana network has hit
a significant milestone which may spark some excitement for
investors. Related Reading: Solana Could Face A 41% Crash, Warns
Mechanism Capital Co-Founder Solana Records All-Time High Of 30
Million Monthly Users In an enthralling development for SOL
enthusiasts, data from blockchain analytics platform Artemis shows
the network has attained a new peak of 30 million active addresses
(users). This development was shared on X on Friday by the data
analysis handle SolanaFloor. After reaching the 25 million
mark in 2022, the Solana blockchain experienced a steep
decline in monthly active users going as low as 5 million in 2023.
However, the smart contract platform has appeared rather attractive
in 2024 with a steady rise in monthly users throughout the year so
far. In the crypto ecosystem, the importance of growth in
network users stems mainly from an indication of growing market
confidence from investors, which is quite vital considering SOL’s
current price dip. For the fifth largest cryptocurrency, this
rise in the active addresses is likely due to the current hype
around Solana meme coins – a $5.65 billion ecosystem that has
provided investors with an avenue of recording insane trading
profits. In addition, an increase in network users can also
translate into larger liquidity, more stable network security, and
the development of more use cases, all of which are important
features in attracting further investment and boosting a token’s
value. Related Reading: Bitcoin And Solana Brace For Quiet Q3: What
Crypto Traders Should Know What’s Next For SOL? At the time of
writing, SOL trades at $133.36 following a 0.34% decline in the
last day. Furthermore, the token’s daily trading volume is down by
6.81% and valued at t $2.19 billion. For Solana, the bulls face
strong resistance at the $151 price zone. If the buying pressure
proves sufficient to push through this region. SOL could return as
high as $190 over the next few weeks. However, a rejection at
this zone could result in a further decline in the token’s price
reaching as low as $120. All traders are reminded to perform due
diligence before engaging with the cryptocurrency market. Featured
image from The Independent, chart from Tradingview
Bitcoin (COIN:BTCUSD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Bitcoin (COIN:BTCUSD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024