The Solana data analytics platform, Step Data Insights, shared a post on Twitter yesterday which showed that Solana was on the verge of reaching a very important milestone. According to the post, Solana was nearing 1 million daily active addresses. This comes after 600 thousand new addresses were added in just the last 2 days.
To put this milestone into perspective, Solana was averaging 600 thousand daily active addresses during the November 2021 bull market peak. Looking at a crypto project’s daily active addresses offers more insights into network engagement, adoption, and overall activity.
The fact that Solana experienced such a spike in daily active addresses suggests that more people are joining the network. Despite this increase in network activity, Solana (SOL) still experienced a slight price drop over the past 24 hours of trading, according to CoinMarketCap.
SOL price (CoinMarketCap)
At press time, SOL was trading hands at $21.09 after a 0.29% price drop over the past day. The altcoin was also able to set a daily high of $21.24 and a daily low of $10.67 over the same time period.
SOL’s price drop led to it weakening against both Bitcoin (BTC) and Ethereum (ETH) by about 0.67% and 0.45% respectively. Furthermore, SOL’s 24-hour trading volume dropped by more than 40% throughout the past day, and stood at $221,210,848.
Meanwhile, when looking at SOL’s weekly performance, the price decrease that the altcoin recently experienced dragged its weekly performance even deeper into the red at -4.69%. The crypto also experienced a loss of 0.27% in the hour prior to press time.
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Source: Cryptocurrency - investing.com
