Solana’s Price Surge and Increased User Engagement
Solana has experienced significant gains in its price, nearly doubling since the beginning of the month. This has made it more appealing to users, resulting in a remarkable increase in user engagement on the Solana blockchain in December. In fact, the number of active addresses on Solana has reached a new milestone of over 16.45 million, surpassing any previous activity level this year.
Additionally, there has been a surge in new addresses created on the blockchain, with over 7.23 million new addresses appearing this month alone. This influx of new users could potentially indicate that Solana’s price is heading towards $200 in the near future.
Solana’s Growing Activity and Network Usage
Solana’s popularity and market cap have grown significantly this year, surpassing XRP and BNB in the crypto rankings. On-chain data shows that Solana’s active addresses have been steadily increasing since October, reaching a yearly high of 981,380 daily transactions on December 21. Moreover, transaction volume in December has already surpassed January’s count, with 16.45 million transactions recorded.
In terms of trading volume, Solana has seen a substantial increase this month, reaching $183.99 billion compared to November’s $86.86 billion. The blockchain has also surpassed Ethereum in 7-day DEX volume for the first time ever. Additionally, the total value locked in Solana’s DeFi protocols has grown by 580% since January.
Impact of Increased Network Usage on Solana’s Price
The growing number of users interacting with the Solana network is driving up its popularity and value. As more active addresses engage in transactions, stake SOL tokens, and use dApps on the blockchain, the utility and value of the SOL token increase. This can be seen in the significant growth of BONK, a meme token on Solana, which has increased by 314% in just 30 days.
While reaching $200 would be a significant milestone for SOL, there are resistance levels to overcome at $116 and $136. However, if there is a strong break above $136 and a bullish sentiment in the overall crypto market, Solana could continue its upward climb.
Hot Take: Solana’s Rising User Engagement Points to Promising Future
Solana’s recent surge in price and increased user engagement highlight its potential for further growth. With its growing popularity and utility, Solana has positioned itself as a formidable player in the crypto market. The influx of new users and the impressive activity on its blockchain bode well for the future of Solana. If this trend continues, we may see SOL reach new price levels and solidify its position among the top cryptocurrencies.
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