Why Solana (SOL) May Trigger a Bull Run Soon?

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As a seasoned crypto investor with a keen interest in Solana (SOL), I’m thrilled to see the protocol reaching new heights in terms of Monthly Active Addresses (MAUs). With the latest data revealing an all-time high of over 30 million MAUs, it’s clear that Solana is gaining significant traction within the blockchain ecosystem.

As a crypto investor, I’m excited to see Solana (SOL) gaining attention lately due to its latest achievement in Monthly Active Addresses (MAUs), which hit an all-time high (ATH). This development isn’t entirely surprising, but the real question is how it might impact the future price trend of the coin.

Solana is Primed for a Bullish Breakout

As a market analyst, I’ve observed that Solana continues to hold its ground as the fifth largest cryptocurrency by market capitalization. This achievement goes beyond just numbers, as its increasing prominence within the blockchain community can be attributed to the ongoing memecoin craze.

Per data shared by SolanaFloor citing Artemis dashboard, Solana’s MAUs has topped 30 million.

BREAKING: Monthly active addresses on @Solana surpass 30 million, a new all-time high.

— SolanaFloor (@SolanaFloor) June 21, 2024

Reaching this achievement highlights the widespread adoption of the protocol, potentially leading to an increase in usage for related applications. This statistic could serve as an additional incentive if a significant number of active users choose to fuel greater interest in Solana (SOL).

As a researcher looking back over the past year, I’ve witnessed an incredible surge in Solana’s value. Its price has skyrocketed from a low of $15.75 to a peak of $209.70. This remarkable growth can be attributed to the memecoin phenomenon that has taken hold. The hype surrounding projects like BONK and the emergence of dog-themed tokens such as dogwifhat (WIF) have played significant roles in expanding the Solana ecosystem. The community’s dedication to these initiatives has been instrumental in fueling this growth.

According to the data from Artemis’ chart, the number of monthly active users (MAUs) for Solana was approximately 14.4 million in early January. During the first few months of this year, Solana experienced significant network congestion, leading to instability in this metric. A notable increase, or breakout, occurred around mid-May. This surge came shortly after the development team implemented a fix for the congestion issue on the mainnet.

This notable achievement in our records occurs amidst Solana’s price instability. The current value of SOL is at $130.21, representing a 6.61% decrease over the past day. Given this price trend, can we anticipate a recovery for Solana?

SOL Bullish Trigger In Discovery

Among the highly regarded assets in the market, Solana boasts particularly vibrant price fluctuations. Even amidst the recent market downturn, the coin has managed to rise by an impressive 25.88% since the beginning of the year.

The number of monthly active users (MAUs) on Solana may not be sufficient to trigger a bullish resurgence on its own. However, this data can serve as a supportive element when considering other fundamental aspects. Previously mentioned, 3iQ is making efforts to launch the first Solana Exchange-Traded Fund (ETF) in Canada. If accomplished, this development could potentially encourage similar initiatives in the United States, thereby boosting the cryptocurrency’s profile and value.

To date, Solana has been thriving, primarily due to the surge of interest in its key market sector, which revolves around meme coins. Previous predictions indicate that Solana’s token, SOL, could experience one final price compression before undergoing a significant rally driven by its community.

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2024-06-21 22:04