Solana’s Record High Active Addresses Amid ETF Speculation

Solana has reached a significant landmark, surpassing 30 million monthly active addresses, which is an all-time high for the network. This surge in activity aligns with the submission of an application by 3iQ, a digital asset manager, to list a Solana-based exchange-traded fund (ETF) on the Toronto Stock Exchange (TSE). If approved, this ETF would be the first of its kind in North America and could potentially transform crypto investments while bolstering Solana’s market presence.

The Impact of 3iQ Application

The application for the Solana ETF by 3iQ signals substantial institutional interest in the Solana network. Its approval could attract more crypto investors and traders to the platform, leading to increased network usage and activity. The anticipation of the ETF listing has already driven a significant surge in monthly active addresses on the Solana blockchain, exceeding 30 million for the first time.

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Current Market Price

As of today, Solana’s price is $135.58, displaying a green candle formation. The previous day saw Solana closing at approximately $134.64, with a peak of over $151.18 on June 16. While Solana had a strong start to the year, reaching nearly $110 and peaking at $202 on March 31, its momentum has since waned. Nonetheless, recent trends indicate some signs of recovery.

Solana Market Trend

Solana’s 24-hour trading volume stands at 132.561 million, with the highest weekly volume reaching 235.742 million on June 18. The 30-day price change is -13.6%, while the 7-day change shows -6.3%. However, the 24-hour and 1-hour changes indicate positive movements at +2.1% and +0.6%, respectively.

The conjunction of 3iQ’s ETF application and Solana’s increasing active addresses suggests an exciting phase for Solana and the broader cryptocurrency market. With growing institutional interest, Solana could witness expanded adoption and innovation, solidifying its position in the blockchain ecosystem. Currently, SOL is the fourth largest blockchain with a TVL of $4,150,370,987, a market cap of $62,690,844,487, and a dominance of 4.40%.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.