{"id":625886,"date":"2024-06-22T05:00:08","date_gmt":"2024-06-22T05:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=625886"},"modified":"2024-06-22T06:29:54","modified_gmt":"2024-06-22T06:29:54","slug":"solana-records-new-monthly-user-high-amidst-persistent-price-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-records-new-monthly-user-high-amidst-persistent-price-drop\/","title":{"rendered":"Solana Records New Monthly User High Amidst Persistent Price Drop"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Solana (SOL) has had a turbulent time lately evident with a consistent decline in its market price. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap,<\/a> the \u201cEthereum Killer\u201d is down by 6.36% on its weekly chart, emerging as the biggest loser among the top 10 tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-41-crash-mechanism-capital-co-founder\/\" target=\"_blank\" rel=\"noopener \">Solana Could Face A 41% Crash, Warns Mechanism Capital Co-Founder<\/a><\/div>\n<h2><strong>Solana Records All-Time High Of 30 Million Monthly Users<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">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<a href=\"https:\/\/x.com\/SolanaFloor\/status\/06182451\" target=\"_blank\" rel=\"noopener nofollow\"> shared<\/a> on X on Friday by the data analysis handle SolanaFloor.<br \/>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 BREAKING: Monthly active addresses on <a href=\"https:\/\/twitter.com\/solana?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Solana<\/a> surpass 30 million, a new all-time high. <a href=\"https:\/\/t.co\/F9ujQE2OiC\" rel=\"nofollow\">pic.twitter.com\/F9ujQE2OiC<\/a><\/p>\n<p>&mdash; SolanaFloor (@SolanaFloor) <a href=\"https:\/\/twitter.com\/SolanaFloor\/status\/06182451?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 21, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">After reaching the 25 million mark in 2022, the\u00a0 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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&#8217;s current price dip.\u00a0 <\/span><span style=\"font-weight: 400\">For the fifth largest cryptocurrency, this rise in the active addresses is likely due to the current hype around Solana meme coins &#8211; a <a href=\"https:\/\/www.forbes.com\/digital-assets\/categories\/solana-meme-coins\/?sh=2b217f875c09\" target=\"_blank\" rel=\"noopener nofollow\">$5.65 billion ecosystem<\/a> that has provided investors with an avenue of recording <a href=\"https:\/\/wncen.com\/news\/solanas-biggest-memecoin-gains-681000-in-3-days-as-more-investors-bet-on-its-popularity\/\" target=\"_blank\" rel=\"noopener \">insane trading profits.<\/a>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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\u2019s value.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-and-solana-brace-for-quiet-q3-what-crypto-traders-should-know\/\" target=\"_blank\" rel=\"noopener \">Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know<\/a><\/div>\n<h2><strong>What&#8217;s Next For SOL?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, SOL trades at $133.36 following a 0.34% decline in the last day. Furthermore, the token\u2019s daily trading volume is down by 6.81% and valued at t $2.19 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><span style=\"font-weight: 400\">However, a rejection at this zone could result in a further decline in the token\u2019s price reaching as low as $120.<\/span><\/p>\n<p>All traders are reminded to perform due diligence before engaging with the cryptocurrency market.<\/p>\n<figure style=\"width: 1479px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/OYgD1vr2\/\" alt=\"Solana\" width=\"1479\" height=\"893\"><figcaption class=\"wp-caption-text\">SOL trading at $133.89 on the daily chart | Source: SOLUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from The Independent, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL) has had a turbulent time lately evident with a consistent decline in its market price. According to data from CoinMarketCap, the \u201cEthereum Killer\u201d is down by 6.36% on its weekly chart, emerging as the biggest loser among the top 10 tokens.\u00a0 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. \u00a0 After reaching the 25 million mark in 2022, the\u00a0 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.\u00a0 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&#8217;s current price dip.\u00a0 For the fifth largest cryptocurrency, this rise in the active addresses is likely due to the current hype around Solana meme coins &#8211; a $5.65 billion ecosystem that has provided investors with an avenue of recording insane trading profits.\u00a0 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\u2019s value. Related Reading: Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know What&#8217;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\u2019s 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.\u00a0However, a rejection at this zone could result in a further decline in the token\u2019s 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<\/p>\n","protected":false},"author":581,"featured_media":625888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[85423,92629,12837,83626,86410,83627],"class_list":["post-625886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-active-addresses","tag-monthly-users","tag-sol","tag-solana","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana Records New Monthly User High Amidst Persistent Price Drop<\/title>\n<meta name=\"description\" content=\"amidst Solana&#039;s price decline, it has hit a significant milestone which may spark some excitement for investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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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. 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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. 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