- Solana (SOL) has crossed a significant milestone, reaching 30 million Monthly Active Addresses (MAUs).
- This surge is primarily fueled by a boom in memecoin activity and Decentralized Exchange (DEX) utilization.
- Although the price of SOL remains lower, there is considerable optimism for a potential rebound.
Solana (SOL) achieves 30 million Monthly Active Addresses, hinting at a new bull run amidst memecoin and DEX surge.
Solana’s Path to a Bullish Breakout
As the fifth-largest cryptocurrency by market capitalization, Solana is drawing attention not only for its valuation but also its rising active user base. The memecoin revolution has significantly bolstered its standing within the blockchain community.
According to data from SolanaFloor, which cites the Artemis dashboard, Solana’s MAUs have reached a new peak of 30 million.
Breaking the 30 Million MAU Barrier
🚨 BREAKING: Monthly active addresses on @Solana surpass 30 million, setting a new all-time high. pic.twitter.com/F9ujQE2OiC
— SolanaFloor (@SolanaFloor) June 21, 2024
This achievement reflects the protocol’s growing popularity, which could spur the usage volume of its associated applications. If more active users decide to increase their demand for SOL, it could significantly influence the price.
Throughout the last year, Solana’s price has experienced a substantial rise from $15.75 to $209.70. This impressive performance has been driven largely by the memecoin frenzy, underscoring the community’s dedication.
SOL Poised for Bullish Momentum
Despite facing a challenging market environment, Solana’s dynamic price movements have kept it in the spotlight. The cryptocurrency has seen a 25.88% increase in its Year-to-Date (YTD) performance.
While the MAU data alone might not be enough to ignite a bullish comeback, it can complement other key fundamentals. Recently, 3iQ has been pushing for the launch of the first Solana ETF in Canada. If this initiative succeeds, it could pave the way for similar products in the United States, potentially boosting Solana’s market presence.
Conclusion
Solana’s impressive growth in Monthly Active Addresses is a testament to its increasing popularity and robust community support. While the current market price presents challenges, the various fundamental metrics indicate potential for a positive turnaround. Investors and stakeholders will be keenly watching the developments around the proposed Solana ETF and ongoing memecoin trends, as these factors could dictate the next move for SOL.
