Solana’s Daily Active Addresses Are Nearing The 1M Milestone

  • The post shows that Solana gained 600k new daily active addresses in just two days.
  • Despite the increase in network activity, SOL still experienced a slight price drop over the past 24 hours.

The Solana data analytics platform, Step Data Insights, shared a post on Twitter yesterday which showed that Solana was on the verge of reaching a very important milestone. According to the post, Solana was nearing 1 million daily active addresses. This comes after 600 thousand new addresses were added in just the last 2 days.

To put this milestone into perspective, Solana was averaging 600 thousand daily active addresses during the November 2021 bull market peak. Looking at a crypto project’s daily active addresses offers more insights into network engagement, adoption, and overall activity.

The fact that Solana experienced such a spike in daily active addresses suggests that more people are joining the network. Despite this increase in network activity, Solana (SOL) still experienced a slight price drop over the past 24 hours of trading, according to CoinMarketCap.

SOL price (CoinMarketCap)
SOL price (CoinMarketCap)

At press time, SOL was trading hands at $21.09 after a 0.29% price drop over the past day. The altcoin was also able to set a daily high of $21.24 and a daily low of $10.67 over the same time period.

SOL’s price drop led to it weakening against both Bitcoin (BTC) and Ethereum (ETH) by about 0.67% and 0.45% respectively. Furthermore, SOL’s 24-hour trading volume dropped by more than 40% throughout the past day, and stood at $221,210,848.

Meanwhile, when looking at SOL’s weekly performance, the price decrease that the altcoin recently experienced dragged its weekly performance even deeper into the red at -4.69%. The crypto also experienced a loss of 0.27% in the hour prior to press time.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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