Other network statistics contradicted the substantial increase in SOL’s unique users this month. As optimistic market indications accumulated, the price chart for SOL became green.
The price of SOL has risen roughly 2% in the last 24 hours, improving investor sentiment. A major measure for Solana [SOL] has surged significantly after months of the decrease, suggesting greater use. According to Dune, a data analytics platform, this month has seen an increase in Solana’s unique active users.
While typically an increase in unique users would indicate a rise in use and adoption, that wasn’t the case this time around. Several other significant indicators of network health also showed reductions, pointing to a decrease in blockchain use.
According to Artemis’s records, for instance, Solana’s average daily number of transitions has just begun a steep decreasing trend. The decreased DEX volume of SOL reflects the reduced appetite for trading among investors.
Even if several network metrics went down, SOL’s price chart finally turned green, giving investors cause for celebration.
Its value has increased by roughly 2% in the last 24 hours. It had a market valuation of almost $8 billion at press time, making it the 10th biggest cryptocurrency. It was selling at $20.83 per coin.
The recent gain in Solana’s price was followed by a rise in trading volume, which acted as support for the price. The social activity around SOL indicated that the token was well-liked. The weighted sentiment indicator for SOL has been on the increase, indicating an improvement in mood over the last several days.
The optimistic mood towards SOL has surged by over 100% in the previous 24 hours, according to statistics provided by LunarCrush. A rise in SOL’s Galaxy Score, another bullish indicator, suggested greater price gains in the days ahead.
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