Solana (SOL) has been facing a challenging time recently with a noticeable decrease in its market value. Data from CoinMarketCap shows that the “Ethereum Killer” has experienced a 6.36% decline in its weekly chart, making it the biggest loser among the top 10 tokens.
Despite this downward trend in price, Solana has reached a significant milestone that could bring some optimism to investors. The Solana network has achieved an all-time high of 30 million monthly active users, as reported by blockchain analytics platform Artemis and shared on Twitter by SolanaFloor.
This achievement is particularly noteworthy considering that Solana had experienced a significant drop in monthly active users in 2023 after reaching 25 million users in 2022. However, the platform has seen a resurgence in 2024, with a steady increase in monthly users throughout the year.
The growth in the number of network users is crucial for Solana as it indicates a growing market confidence from investors, especially during a period of price decline. The rise in active addresses can lead to increased liquidity, improved network security, and the development of more use cases, all of which are essential for attracting further investment and enhancing the token’s value.
At the time of writing, SOL is trading at $133.36, with a daily trading volume of $2.19 billion. The token faces strong resistance at the $151 price level, and if the buying pressure is strong enough to break through this resistance, SOL could potentially reach $190 in the coming weeks. However, a rejection at this level could result in a further price decline to as low as $120.
It is important for all traders to exercise caution and conduct thorough research before engaging with the cryptocurrency market. The volatility and unpredictability of the market require careful consideration and risk management strategies to protect investments.
In conclusion, despite the price decline, Solana’s achievement of reaching 30 million monthly users is a significant milestone that reflects the platform’s growing popularity and adoption. The future of SOL will depend on various factors, including market conditions, investor sentiment, and network developments. As the cryptocurrency market continues to evolve, staying informed and making well-informed decisions will be crucial for investors looking to navigate this rapidly changing landscape.