Altcoins
Could Solana’s 3% price uptick be a marker for 2024’s prediction?
Solana tops the list of Active Addresses in December 2023 while price action turns bullish.
- Despite a rise in Active Addresses during December, the metric dropped in 2024.
- SOL was up by 3% in the last 24 hours, and indicators looked bullish.
Solana [SOL] price recently reached a new milestone in terms of Active Addresses as its price rose by 3% in the last 24 hours. Will this movement translate to a bullish 2024 for SOL?
Solana’s addresses reach new highs
Nansen recently posted a tweet highlighting one of Solana’s recent achievements. Notably, SOL topped the list of cryptos in terms of active addresses over the last 30 days.
In December 2023, SOL had a total of 13.9 million active addresses — a 90% hike compared to November 2023. BNB Chain [BNB], Tron [TRX], Ethereum [ETH], and Polygon [MATIC] completed the top five of the same list.
For the second month in a row, @Ronin_Network has topped the charts for the largest increase in active addresses (%), while @solana now takes the top spot in overall active addresses, showing that Solana season is here
November vs December active addresses by chain:
Solana… pic.twitter.com/sCTETLN5O2
— Nansen ? (@nansen_ai) January 16, 2024
To understand whether this trend could continue in 2024, AMBCrypto took a look at Artemis’ data. Our analysis revealed that Solana’s Daily Active Addresses had declined over the last 30 days.
Because of the drop in addresses, the blockchain’s Daily Transactions also registered a decline.
Source: Artemis
Not only did network activity drop, but things in terms of captured value were also not the best. Notably. Artemis’ data revealed that both SOL’s fees and revenue declined in the recent past.
Its performance in the DeFi space also wasn’t at par, as its TVL fell.
Source: Artemis
How did Solana’s price react?
According to CoinMarketCap, SOL was up by more than 34% in the last 30 days. In the last 24 hours alone, the token’s price surged by over 3%.
At the time of writing, SOL was trading at $99.45 with a market capitalization of over $43 billion, making it the fifth-largest crypto.
Read Solana’s [SOL] Price Prediction 2024-25
To check whether the token’s price would maintain its rally, AMBCrypto analyzed its daily chart. We found that SOL’s Relative Strength Index (RSI) registered a slight uptick from the neutral mark.
Its Chaikin Money Flow (CMF) also went northward, suggesting a continued price uptrend in the days to follow.
Source: TradingView
