Solana Records New Monthly User High Amidst Persistent Price Drop

Semilore Faleti

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

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.

🚨 BREAKING: Monthly active addresses on @Solana surpass 30 million, a new all-time high. pic.twitter.com/F9ujQE2OiC

— SolanaFloor (@SolanaFloor) June 21, 2024

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.

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

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.