The user base of Solana [SOL] has experienced a substantial increase in 2024. Analysis has revealed a significant surge, surpassing 100 million users as we near the end of the final quarter.
The presence of memecoins on the platform has played a role in driving this growth, consequently impacting the price of SOL.
Rise in Solana’s User Base
Solana has witnessed unparalleled growth in its user base year-to-date (YTD), with a remarkable surge becoming more pronounced in recent months.
Artemis data indicated that at the beginning of the year, Solana had approximately 13.8 million monthly active addresses.
However, since August, the network’s active address count has surged from around 40 million at the end of August to over 100 million in October.
This sharp uptrend underscores Solana’s rapidly increasing adoption, with daily active addresses recording a growth of over 970% YTD.
In November, the trend has remained robust, with daily active addresses consistently exceeding 5 million.
Memecoin Activity Fuels Solana’s User Expansion
A significant driver of Solana’s user growth has been the upsurge in memecoin activity on the platform.
In 2024, there has been a noticeable increase in the number of memecoins on the network, with a slew of new projects launching in recent months.
According to CoinGecko data, the market capitalization of memecoins on Solana currently stands at over $12.4 billion.
With the total memecoin market cap hovering around $72.2 billion, Solana commands a substantial share of over 17%, underlining its role in the expanding meme-token landscape.
This influx has not only expanded the user base but also diversified Solana’s ecosystem, attracting both casual users and serious investors seeking alternative assets within the network’s rapid and cost-effective infrastructure.
Positive Momentum for SOL’s Price Performance
Solana [SOL] has exhibited impressive price dynamics, trading at $184.91 currently, marking a daily surge of 10.96%.
The recent price movement has propelled SOL above both its 50-day and 200-day moving averages, indicating a robust bullish trend.
Since surpassing the 200-day moving average in late October, SOL has sustained its upward trajectory, reflecting enduring investor confidence in the asset.
Elevated trading volume provides additional support to this price momentum, suggesting a notable interest from investors.
The convergence of strong technical signals and increasing trading volume points towards a favorable outlook for Solana’s price in the immediate future.
If SOL manages to uphold support above critical price levels, it could potentially continue its upward momentum, potentially reaching new highs bolstered by persistent demand and positive market sentiment surrounding its expanding ecosystem.