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- Solana Network users have fallen to a two-year low.
- SOL saw an increase of more than 3% in the past 24 hours.
Solana (SOL), ranked among the top 10 cryptocurrencies globally by market capitalization, has demonstrated a notable rise in the last 24 hours. This unexpected uptick from Solana has drawn the attention of the cryptocurrency community, despite the broader market facing significant downturns. Concurrently, the count of active addresses on the Solana network has recently reached its lowest point in two years.
Crazy to see that Solana users just hit a two year low, but that we have also just had the big news for Shopify and Visa. pic.twitter.com/GJvUmAaJza
— Lark Davis (@TheCryptoLark) September 6, 2023
On September 6, Lark Davis, the founder of Wealth Mastery, a crypto newsletter, tweeted about the decline in Solana users to a two-year low. Conversely, Solana has recently announced significant news regarding Visa’s expansion of its USDC settlement pilot to the Solana Blockchain. Following this announcement, SOL experienced a rise of over 3% in the last 24 hours. Additionally, Solana Pay has recently partnered with Shopify to facilitate USDC payments through a plugin.
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While SOL is witnessing a notable price increase, the number of active wallet addresses has seen a substantial decline. Nevertheless, the recent update regarding Visa’s expansion is anticipated to attract users back to the Solana Network.
Solana Rises to the Top Gainer List
Furthermore, with this sudden increase, Solana ascended to the second spot on the top gainers list on September 6. Importantly, among the top 100 cryptocurrencies, SOL has been the leading gainer in the past 24 hours. Major cryptocurrencies, including Bitcoin and Ethereum, have been experiencing bearish trends over the last few weeks. The significant rise from Solana is expected to enhance investor confidence.
At the time of this report, Solana is trading at $19.82, reflecting an increase of over 2.84% in the last 24 hours. The daily trading volume of SOL has surged by 81.04%, according to CoinMarketCap. Additionally, SOL’s price is approaching the $20 threshold. With the current bullish momentum, Solana is likely to surpass the $20 mark soon.
Do you believe SOL will maintain its bullish trend to exceed the $20 mark? Tweet to us at @The_NewsCrypto and share your thoughts.
