Step Data Insights, the Solana data analytics platform, took to Twitter to share a significant update yesterday. The post revealed that Solana is on the cusp of achieving a crucial milestone, with nearly 1 million daily active addresses in sight. This impressive feat follows the addition of 600 thousand new addresses in a mere 48 hours.
To contextualize this significant achievement, it’s worth noting that Solana’s daily active addresses during the peak of the November 2021 bull market were hovering around 600 thousand. Examining a cryptocurrency project’s daily active addresses provides a deeper understanding of network engagement, adoption, and overall activity.
The surge in daily active addresses on Solana’s network indicates a growing user base. However, despite this uptick in network activity, Solana’s (SOL) value experienced a marginal decline in the last 24 hours of trading, as reported by CoinMarketCap.
As of the time of publication, SOL is currently exchanging at $21.09, experiencing a slight 0.29% decrease in value within the last 24 hours. However, the altcoin reached a daily peak of $21.24 and a daily low of $10.67 during the same timeframe.
The recent decline in SOL’s value has decreased its standing against Bitcoin (BTC) and Ethereum (ETH), with a reduction of approximately 0.67% and 0.45%, respectively. Additionally, SOL’s trading volume over the past 24 hours has decreased by over 40%, currently at $221,210,848.
Upon analyzing SOL’s weekly performance, it is evident that the recent decline in its value has further plummeted its weekly performance to a negative 4.69%. Additionally, the hour leading up to press time slightly decreased by 0.27%. These figures indicate a challenging period for the altcoin, and it remains to be seen how it will fare in the coming days.
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