- Solana sees 12% increase in daily active addresses since October 5.
- New user influx drives 15% growth in daily first-time signers.
- SOL price could target $188.52 if network growth continues, or drop to $110 if demand weakens.
Solana, the Layer-1 blockchain platform, has experienced a notable resurgence in user activity over the past week, marking a significant turnaround from its recent slump.
This revival is characterized by increases in both daily active addresses and new user onboarding, signaling a potential shift in the network’s trajectory and its native token’s market performance.
The blockchain has witnessed a 12% uptick in unique addresses completing at least one transaction since October 5, reversing a prolonged downtrend that had previously pushed Solana’s revenue to multi-month lows.
This resurgence comes as a welcome development following September’s reported decline in daily transactions, which had resulted in a 46% plunge in Solana’s revenue.
New users flock to the Solana ecosystem
Particularly noteworthy is the influx of new users to the Solana ecosystem. Data from Hello Moon reveals a 15% increase in daily unique first-time signers transacting on the network. This growth in new user adoption is a critical indicator of network expansion, potentially driving up SOL’s value, enhancing network liquidity, and fostering increased developer activity.
The surge in network demand has already begun to impact Solana’s fee structure and revenue streams. Artemis data shows an 8% increase in total fees and revenue over the past week, reflecting the growing engagement with the platform.
Currently trading at $144, SOL has registered a modest 1% gain over the past week, maintaining its position just above the $133.58 support level. As network activity continues to gain momentum, there’s potential for further price appreciation. Fibonacci Retracement analysis suggests that sustained network growth could propel SOL towards the $188.52 mark.
