Solana on the rise: 2 factors fueling SOL’s price

The number of daily active users on Solana has stayed above 5 million in November.
SOL has increased by over 11% in the last 24 hours.

As a seasoned analyst with over two decades of experience in the crypto markets, I have witnessed countless trends and cycles. However, the growth Solana [SOL] has shown in 2024 is truly remarkable. The surge in its user base, from millions to tens of millions within a year, is nothing short of astounding.

In the year 2024, there was a significant surge in Solana’s [SOL] user count. By the close of the final quarter, an impressive figure of more than 100 million users had been reached, according to analysis.

The memecoins on the platform have influenced the growth, and this has also impacted SOL’s price.

Solana sees a surge in user base

This year so far, the number of Solana users has experienced remarkable expansion, and this trend has become particularly notable in the past few months.

Based on data from Artemis, it was found that Solana boasted around 13.8 million active addresses per month as we entered the new year.

Since August, there’s been a significant increase in the number of active addresses on this network. It started with approximately 40 million addresses at the end of August and has now surpassed 100 million in October.

Solana on the rise: 2 factors fueling SOL’s price

This significant surge underscores the rapid growth in Solana’s popularity, as the number of daily active addresses has soared more than ninefold year-to-date.

In November, there was a persistent upward trajectory, with the number of daily active addresses regularly exceeding 5 million.

Memecoin activity boosts Solana’s user growth

As an analyst, I’ve observed a significant factor driving the expansion of Solana’s user base is the increased popularity and activity of meme coins on the platform.

By the year 2024, there’s been a significant surge in the quantity of meme-based cryptocurrencies on the network, as numerous new projects have emerged during the previous few months.

At the moment, data from CoinGecko indicates that the total value of memecoins operating on the Solana network is approximately $12.4 billion.

Approximately $72.2 billion is the total value of all memecoins combined, and Solana accounts for over 17% of this market. This indicates that Solana plays a significant part in the growing world of meme tokens.

The surge in users not only boosted the numbers but also enriched Solana’s environment by bringing in both novice users and seasoned investors hunting for cost-effective and swift investment opportunities within the platform’s robust infrastructure.

Positive momentum for SOL’s price

At the moment of reporting, Solana’s price is standing strong at $184.91, representing a noteworthy rise of 10.96% in a single day.

Lately, the price movement has propelled Solana (SOL) beyond its 50-day and long-term 200-day moving averages, which suggests a robust upward momentum in the market.

Over the past few weeks, following its move above the 200-day moving average in late October, Solana (SOL) has maintained an uptrend, suggesting that investors remain optimistic about this asset.

Solana on the rise: 2 factors fueling SOL’s price

A rise in trading activity also reinforces the current price trend, implying that investors are showing significant enthusiasm.

As a crypto investor, I’m optimistic about Solana’s price trend in the short term, given the robustness of its technical indicators and the surge in trading volume.

As a researcher, I posit that if the value of SOL consistently remains above key resistance points, it could persist in its bullish trend, possibly reaching unprecedented peaks due to persistent demand and optimistic market perceptions stemming from the continuous growth of its ecosystem.

2024-11-07 04:08

Solana sees a surge in user base

Memecoin activity boosts Solana’s user growth

Positive momentum for SOL’s price

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