Solano's lively addresses hit a four-year excessive: What's driving it?

• The variety of every day lively addresses on Solana soared to a historic excessive.
• On September 9, Solana recorded 5.4 million lively addresses per day.
• The SOL token is down 1.66% within the final 24 hours and is buying and selling at $131.72.

Solana is defying the present crypto market slowdown. Whereas its native token SOL could wrestle to keep up its worth, the blockchain itself is witnessing a surge in exercise, reaching a four-year excessive in every day lively addresses.

This important enhance, highlighted in a chart shared on X (previously Twitter), places Solana forward of different main blockchain networks resembling Tron, Avalanche, Aptos and Polygon.

Additionally Learn: Solano Lively Addresses Hit 4-Yr Excessive: What's Driving?

Solana supporters celebrated the milestone on X, with one consumer saying Solana was the one
endgame” and different blockchain networks are “scams”. A graph from Artemis, a core on-chain platform, confirmed that in August 2024, every day lively addresses on the Solana blockchain skyrocketed.

Meme Coin Craze promotes community development

As of September 9, the variety of every day lively addresses on Solana is 5.4 million; on Tron it's 2.1 million; and on the Close to Protocol (NEAR) it’s 2.9 million. In the meantime, Base and Polygon PoS recorded 1.1 million and 606 thousand every day lively addresses, respectively.

Additionally learn: 1B Crypto Fund Pantera: A guess focusing on Solana?

Lively addresses on Tron and Solana are on the rise because of the SunPump and pump.enjoyable meme coin platforms on these blockchains. Exercise on Tron has been rising because the debut of SunPump, and the community even led blockchain income in August 2024, incomes $60.9 million.

In accordance with information from CoinMarketCap, the SOL token is down 1.66% within the final 24 hours and is buying and selling at $131.72 on the time of writing. Buying and selling quantity for the altcoin fell by 22.55% to $1.82 billion, and the digital asset's market capitalization is $61.62 billion.

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Because the chart above from TradingView reveals, SOL token accumulation stays bullish, whereas the Relative Power Index (RSI) is above 43.80, indicating that sellers are answerable for the market. Moreover, the slope of the road signifies that decrease costs will observe within the brief time period.