Solana Blockchain Lights Up With Increased Network Activity - What’s Going On? | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure While the broader cryptocurrency sector has rebounded, Solana has robustly regained upside traction, with a sudden bounce above the key $150 price level. Along with the recent notable surge in SOL’s price is a sharp increase in user activity across the prominent Solana network.

User Activity On The Solana Network Climbs Sharply

Solana’s renewed upward price action is being met with growing participation and investors’ interest in the SOL blockchain. Ali Martinez, an investor and crypto expert, reported the recent advancement in activity in a post on the X (formerly Twitter) platform.

Related Reading: Solana DeFi Ecosystem Strengthens: TVL Climbs To Highest Level In Nearly 2 YearsAccording to Ali Martinez, user activity on the Solana network has surged sharply to crucial levels. It is worth noting that the notable increase in activity marks one of the network’s strongest spikes of participation in recent months. The rise in on-chain activity is centered around the surge in Solana’s daily active addresses, highlighting the ecosystem’s increased enthusiasm. SOL’s number of active addresses is currently rising to new territories, recording millions of engaging wallets.

SOL network activity heating up | Source: Ali Martinez on XData from Santiment, a leading on-chain analytics firm, shared by Martinez reveals that more than 14.63 million SOL addresses were active in the last 24 hours. Such a significant increase in active addresses signals a fresh wave of user engagement.

In addition to demonstrating increased conviction in the network’s speed and scalability, this dramatic increase in active addresses also emphasizes Solana’s solidifying position as one of the most popular blockchains in the current cryptocurrency sector. A persistent surge in active addresses could set the stage for a bounce as the bull market phase strengthens.

Bigger Moves Incoming For SOL

Historically, this increase in active addresses has preceded price spikes, which raises the potential for a continued upward trend. After delving into the recent action of SOL, Batman, a crypto investor, stated that the altcoin is preparing for its next step while firmly maintaining its position above key support zones.

Related Reading: Solana Summer Loading? SOL Eyes $180 Following Staked ETF-Fueled BreakoutIf SOL’s price closes the candle above the $200 mark, it might trigger a major upside move to new all-time highs. According to the expert, the altcoin’s close above $200 is a green signal to open long positions, and traders are stacking below the level in silence. Looking at the chart, Batman anticipates a huge rally to the $350 price level in the last quarter of this year.

SOL’s anticipated surge could be bolstered by growing demand as Batman drew attention to Solana’s on-chain activity. The expert reported that wallet addresses containing tokenized stocks on the blockchain increased from 4,400 to 22,500 to 33,300 in a single day.

This sharp uptick in wallets represents a 7.5x rise in the last two days. Batman is confident that these wallet addresses will continue to rise, highlighting that bigger price moves are on the way for Solana.

SOL trading at $153 on the 1D chart | Source: SOLUSDT on Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.