Solana Sets New Record With 5.2 Million Daily Active Wallet Users: Will This Impact the Price?
The Solana network has achieved a historic milestone by recording the highest daily active address count in blockchain history. Despite the recent market downturn and Solana’s underperformance, the network experienced a significant surge in active users.
Overview of the Solana Milestone
Artemis report indicates that daily active users on the Solana network reached 5.4 million on Monday, marking the highest number of active addresses in history. This surge in user activity far surpassed that of other chains, with the NEAR protocol coming closest at 2.9 million active addresses.
Notably, the data reveals a gradual uptrend in daily active users on the Solana network in the days leading up to Monday. Starting from late August, the uptick in active users steadily increased, culminating in the record-setting 5.4 million active addresses on Monday, nearly doubling the 2.8 million recorded on September 8.
This surge in active addresses is particularly remarkable as it occurred despite declining activity from Solana’s Pump.Fun, a memecoin launchpad that previously attracted a significant number of active users to the platform. Although Pump.Fun achieved rapid growth, reaching $100 million in revenue within 31 weeks, a loss of traction and widespread criticism led to a drastic decline in its user base. This slowdown also affected the broader Solana ecosystem, resulting in underwhelming daily transactions and usage. However, the Solana network demonstrated resilience by shattering records on Monday.
Will Active Wallet Rising Causes Price Upswing
The increase in active addresses historically correlates with a notable price upswing in asset prices. Therefore, the surge in active addresses on the Solana network could potentially lead to a significant price increase for SOL. Additionally, the upcoming Breakpoint event on September 20 has historically driven an average 62% growth in SOL. Consequently, analysts anticipate considerable price appreciation for the asset in the coming days.
As of the latest data, SOL is consolidating at $132, representing a 5% growth in 24 hours on Tuesday, with a 2% decrease on Wednesday and a trading volume of $1.8 billion.
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