Solana hits 30 million – chances of SOL price reacting are…

Solana hits 30 million – chances of SOL price reacting are…

Solana hits 30 million – chances of SOL price reacting are…

  • Solana’s daily trading fell last month
  • The price of SOL has increased by more than 2% in the last 24 hours

Solana (SOL) has generated a lot of buzz in the crypto space with multiple blockchain token launches. However, aside from that, the blockchain has also seen a massive increase in its network activity, especially as it has reached a new milestone.

Solana’s new “column”.

SolanaFloor, a popular X-handle that shares updates related to the blockchain ecosystem, recently posted a tweet highlighting a major development. According to the same, monthly active addresses on Solana exceeded 30 million – a historical high.

Since this was a commendable development, AMBCrypto took a closer look at how the blockchain’s network activity has been over the past 30 days. Our review of Artemis DATA revealed that SOL’s daily active addresses reached 1.9 million on June 17. However, the chart then began to decline.

In fact, it was surprising to note that despite hitting an ATH in terms of monthly active addresses, the blockchain’s daily transactions have declined over the past month.

Solana's daily trades are down

Source: Artemis

And in terms of captured value, there was a drop during the month. This appeared to be the case as both Solana’s fees and income declined.

A similar trend was also seen in its TVL chart, reflecting a decline in blockchain performance in the DeFi space.

SOL is back on track

While all this was happening, the SOL bulls stepped up their game as the token price was finally able to rise. Conformable CoinMarketCap, SOL has fallen more than 6% in the past seven days. However, the last 24 hours have shown signs of recovery from earlier losses as the price of SOL appreciated by over 2%

At the time of writing, SOL was trading at $134.67 with a market cap of over $62 billion.

The recent price increase has also had a positive impact on the token’s social values. For example, its weighted sentiment, after falling on June 19, has risen and entered the positive zone. This clearly meant that investors remained confident in SOL and bullish sentiment around the token was growing.

Its social volume has also remained high, reflecting its popularity in the crypto space. In addition, SOL’s open interest has also increased along with its price. Whenever open interest rises, it means that the chances of the current price trend continuing are high.

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However, the SOL funding rate has also increased. In general, prices tend to move in a different direction than financing rates. Therefore, this could cause problems for SOL in the short term.

The weighted feeling of SOL increased

Source: Sentiment