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Solana presents interesting stats, will adoption rate rise

2min Read

Though SOL’s unique users spiked sharply this month, other network stats told a different story. SOL’s price chart turned green as market indicators were bullish. 

While Solana investors celebrated the uptrend, SOL’s network stats acted interestingly as.. 

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  • Solana’s daily transactions and DEX volume declined over the past months. 
  • Sentiments around SOL improved as its price increased by nearly 2% in the last 24 hours.

After months of decline, a key metric of Solana [SOL] has spiked considerably, reflecting increased usage. As per Dune, a data intelligence platform, Solana’s unique active users have risen this month. Apart from increased usage, a hike in the metric also suggested higher adoption of the blockchain. 

 

Solana metrics have a catch

Though an increase in the number of unique users represents higher usage and adoption, this time, the case was different. Several other key network stats registered declines, which suggested less usage of the blockchain.

For instance, as per Artemis’ data, Solana’s number of daily transitions gained downward momentum and has been declining for the past few months. SOL’s DEX volume has also sunk, reflecting a lower willingness of investors to trade the token. 

Source: Artemis

Solana investors finally have a smile

While a few network stats declined, investors had reasons to celebrate as, after weeks, SOL’s price chart turned green. As per CoinMarketCap, SOL’s price has increased by nearly 7% in the last seven days.

In the last 24 hours alone, its price went up by nearly 2%. At the time of writing, it was trading at $20.83 with a market capitalization of more than $8 billion, making it the 10th largest crypto by market cap. 


The market’s confidence in SOL is rising

Solana’s latest uptrend was accompanied by a surge in its trading volume, providing a foundation for the price increase. SOL’s social volume revealed that the token’s popularity was also high. Sentiment around SOL improved over the last few days, as evident from the rise in its weighted sentiment.

In addition, LunarCrush’s data pointed out that in the last 24 hours, SOL’s bullish sentiment increased by more than 100%. Another positive metric was SOL’s Galaxy Score, which increased, which gave hope for a further price pump in the coming days. 

Source: Santiment


Is your portfolio green? Check the Solana Profit Calculator     


Is a further pump likely?

A look at Solana’s daily chart gave more reasons to celebrate, as a few market indicators were bullish on the token. The distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was reducing, suggesting that the bulls were stepping up their game.

SOL’s MACD already displayed a bullish crossover. Its Relative Strength Index (RSI) was above the neutral mark, which is bullish. However, the Money Flow Index (MFI) registered a downtick, which can cause trouble. 

Source: TradingView


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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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