- Solana has achieved a significant milestone with active addresses soaring to a remarkable 75.2 million, indicating increased adoption and interest.
- SOL encountered resistance at $132 amid bearish pressure, as liquidation data suggests ongoing market fluctuations.
Solana [SOL] has set a new record with 75.2 million monthly active addresses, marking an unprecedented all-time high (ATH). This substantial increase in user engagement and adoption reflects the network’s rising popularity.
Source: X
The recent uptick in activity underscores how Solana is drawing in a growing number of developers, users, and decentralized applications (dApps).
As the network continues to broaden its scope, the prospects for further adoption growth become clearer, particularly with the introduction of new features and updates in the upcoming months.
Rapid escalation in user activity
The surge in active addresses has been extraordinary since mid-2023, with user numbers soaring in recent months.
This remarkable user activity outshines previous peaks, evidencing the exceptional growth within Solana’s ecosystem.
The network has proven itself as one of the most scalable platforms in the decentralized finance (DeFi) and non-fungible token (NFT) markets.
Solana’s user growth exemplifies its capability to handle substantial transaction volumes effectively, a vital element contributing to its adoption.
With forthcoming developments on the horizon, this trend may persist as Solana aims to further fortify its status as a frontrunner in the blockchain realm.
Solana price predictions
The Solana price has met resistance around $132.47, with Bollinger Bands tightening, hinting at a potential breakout in either direction.
Solana’s RSI stood at 42.07, indicating weak momentum and resting near oversold levels. This suggests that bearish pressure might remain, although a price reversal could occur if buyers take action.
Source: TradingView
Moreover, the MACD has shown a bearish crossover, indicating a rise in selling momentum. Should the bearish mood persist, Solana might test the lower Bollinger Band at $124.88.
Dropping below this level could lead to a decline to the $120 support area, while a reversal above $132.47 might push the price towards the $140 resistance level.
On September 18, Solana experienced $121.31K in short liquidations and $3.19M in long liquidations, highlighting a greater impact on long positions.
Read Solana’s [SOL] Price Prediction 2024–2025
Binance registered the highest long liquidations at $2.02M, while $118.95K was liquidated for short positions. This data indicates elevated volatility in Solana’s market, contributing to price variations.
Source: Coinglass
At the time of liquidation, Solana was priced at $129.39, illustrating the effects of leveraged trades in the current market. Traders should tread carefully, as liquidation data indicates persisting volatility across exchanges.
