Solana’s [SOL] has hit a significant milestone by surpassing 75.2 million monthly active accounts, reaching an all-time high (ATH). This upsurge indicates a substantial rise in user engagement and acceptance, underscoring the network’s increasing popularity.
The recent uptick in user activity underscores Solana’s attractiveness to a growing number of developers, users, and decentralized applications (dApps).
As the platform continues to grow, there is significant potential for further adoption, especially with upcoming feature launches and updates in the pipeline.
Rapid Increase in User Engagement
The surge in active wallets has been phenomenal since mid-2023, witnessing a sharp uptick in users over recent months.
This surge in user engagement surpasses previous peaks, highlighting the impressive expansion of the Solana ecosystem.
The network has firmly established itself as a highly scalable platform within decentralized finance (DeFi) and non-fungible token (NFT) sectors.
Solana’s user base growth demonstrates its capacity to efficiently handle large transaction volumes, a significant factor in its adoption.
With upcoming advancements, this trend could persist as Solana aims to further cement its position as a leading player in the blockchain domain.
Solana Price Analysis
The price of Solana has encountered resistance near $132.47, with the Bollinger Bands indicating a potential breakout in either direction.
Solana’s Relative Strength Index (RSI) stands at 42.07, reflecting weak momentum and hovering close to oversold levels. This suggests an enduring bearish pressure, although a reversal might occur if buyers engage.
Moreover, the Moving Average Convergence Divergence (MACD) exhibits a bearish crossover, confirming an uptick in selling momentum. Should the bearish sentiment prevail, Solana might test the lower Bollinger Band at $124.88.
A breach below this level could drive the price towards the $120 support region, while surpassing $132.47 might lead to a challenge of the $140 resistance threshold.
On September 18th, Solana witnessed $121.31K in short liquidations and $3.19M in long liquidations, signifying a greater impact on long positions.
Binance recorded the most substantial long liquidations at $2.02M, alongside $118.95K in short liquidations. This data reflects increased market volatility in Solana, contributing to price fluctuations.
Solana’s valuation during liquidation stood at $129.39, underscoring the influence of leveraged trades in the current landscape. Traders are advised to exercise caution as liquidation metrics point to sustained volatility across exchanges.