- Solana’s price soared nearly 60% in a month, hinting at potential to achieve new all-time highs soon.
- It surpassed BNB Chain in daily active addresses, marking a milestone in user engagement and network activity.
The increase in activity and price of Solana (SOL) reflects a strong and increasing interest in the cryptocurrency, establishing it as an important entity in the digital asset sector. Surpassing the BNB Chain in terms of daily active addresses highlights the growth of Solana’s user base and the rise in its transaction volumes, showcasing its capability to handle large amounts of transactions efficiently.
🚨 LATEST: @solana flips BNB Chain in Daily Active Addresses. pic.twitter.com/C5konFqEXM
— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 27, 2024
Recent Price Surge
Solana has experienced a significant price increase, spiking nearly 60% in the past month. As of the latest data, the price of SOL is around $183, and there is speculation about the potential for the token to reach new all-time highs soon.
You may be interested in: USDC’s Cross-Chain Functionality on Solana Sparks Speculation: SOL Price Outlook
Flipping BNB in Daily Active Addresses
A notable achievement for Solana is surpassing BNB Chain in the daily active address count, indicating a higher level of user activity and engagement on the Solana blockchain. This metric is often viewed as a sign of the network’s health and vitality. As of March 26, Solana had approximately 1.5 million daily active addresses compared to BNB Chain’s 1.4 million.
Meme Coin Popularity
The rise in Solana’s presale meme coin projects has also been a contributing factor to its recent success. According to Degen News, Solana has overtaken Ethereum in hosting some of the largest memecoin projects during this bull market phase. This could suggest a growing developer and community interest in building on and participating in the Solana ecosystem.
You can read: Solana Network Activity Soars to Two-Year High Amid Meme-Coin Frenzy
BREAKING: @solana NOW HAS MORE MEMECOINS THAN @ethereum AMONGST THE TOP 10 SPOTS BY MARKET CAP – 5 VS. 4 pic.twitter.com/PBPDrYtcwo
— DEGEN NEWS 🗞️ (@DegenerateNews) March 27, 2024
Price Prediction and Volatility
Looking ahead, there is optimism about Solana’s price trajectory, with some analysts and observers speculating whether it could reach $300 in 2024. The current trading price of $185.14 reflects positive momentum, as it is above both the 10-day and 100-day moving averages.
Overall, the current sentiment around Solana is largely positive, driven by its recent performance metrics, increasing active user base, and the popularity of its meme coin projects. However, like all investments, particularly in the volatile crypto market, potential risks should not be overlooked.
