Why Solana User Demand Spike Hasn’t Lifted SOL Price
The post Why Solana User Demand Spike Hasn’t Lifted SOL Price appeared on BitcoinEthereumNews.com.
Layer-1 (L1) blockchain Solana saw a surge in user demand in October. During those 31 days, Solana’s monthly user activity climbed to its year-to-date high. Despite this uptick in user demand, the price of SOL has struggled to maintain momentum. The popular altcoin has encountered significant resistance over the past month, keeping its value under $190. Solana Welcomes New Users In October, user demand on Solana skyrocketed, as reflected by the rise in its daily active addresses. During the 31-day period, the number of unique addresses that signed transactions on the L1 totaled 123 million, its highest count since the year began. It also represented a 41% uptick from September’s 86 million unique addresses. Read more: Solana (SOL) Price Prediction 2024/2025/2030 Solana Active Addresses. Source: Artemis During the review period, Solana also saw an influx of new users. On-chain data shows that the total number of unique first signers to transact on the Solana Network was 148 million in October — the highest count this year and a 32% increase from September’s 100 million new users. Solana New Address Count. Source: HelloMoon Altcoin’s Reaction Is Subdued Despite the surge in network activity, SOL’s reaction has remained mostly muted. A series of resistance levels have prevented it from reaching the $190 mark. BeInCrypto’s analysis of the SOL/USD daily chart shows key resistance at $159.96 and $171.78 — levels where the coin has experienced significant selling pressure over the past month. SOL is currently trading at $168.01, reflecting a 4% drop over the past 24 hours. Meanwhile, a 6% surge in trading volume signals intensified selling activity in the market. When price declines alongside increased trading volume, it generally signals a bearish market sentiment. This pattern suggests that more traders are offloading their assets, adding further downward pressure on SOL’s price. Solana Price/Trading…
Filed under: News - @ November 1, 2024 3:27 pm