IMPORTANT POINTS:
- According to Dune data, Solana has seen a notable increase in the number of unique active users, reflecting increased use of the blockchain and suggesting greater adoption of the platform.
- Despite the increase in unique users, other key statistics on Solana’s network, such as the number of daily transactions and DEX trading volume, have seen declines, indicating lower blockchain usage overall.
- Solana investors have reason to celebrate as the SOL price has seen a significant rally.
After a period of decline, Solana (SOL) has seen a significant increase in a key metric that reflects increased use of the blockchain. According to the data intelligence platform Dune, the number of unique active users of Solana has increased in the last month. This increase in the metric also suggests greater adoption of the blockchain.
However, despite the increase in the number of unique users, other important statistics for Solana’s network have shown a decline. For example, data from Artemis reveals that the number of daily transactions at Solana has decreased in recent months. Additionally, trading volume on SOL decentralized exchanges (DEXs) has also fallen, reflecting a more than 100% increase in bullish sentiment over the past 24 hours and less willingness on the part of investors to trade the SOL. token.
Despite these conflicting numbers, Solana investors have had reason to celebrate as the price of SOL experienced a significant rally. According to CoinMarketCap, the price of SOL increased by almost 7% in the last seven days and close to 2% in the last 24 hours. Currently, it sits at around $20.83, with a market capitalization of over $8.1 billion, making it the 10th largest cryptocurrency in terms of market capitalization.
Market confidence towards SOL is on the rise, supported by an increase in trading volume and popularity of the token. The bullish sentiment around SOL has improved in recent days, as evidenced by data from LunarCrush. In addition, SOL’s Galaxy Score has also increased, raising hopes of a possible price hike in the coming days.
A more technical analysis of the Solana chart suggests that there are bullish indicators for the token. For example, the distance between the 20 day EMA and the 55 day EMA is narrowing, indicating a significant uptrend. Also, the SOL’s MACD has shown a bullish crossover and its RSI is above the neutral level, which is bullish. However, the money flow index (MFI) has seen a drop, which could raise some concerns.
