• Solana's variety of day by day lively addresses has soared to an all-time excessive.
• On September ninth, Solana recorded 5.4 million day by day lively addresses.
• The SOL token is buying and selling at $131.72, down 1.66% over the previous 24 hours.

Solana is defying the present cryptocurrency market slowdown: whereas its native token SOL could also be struggling to keep up its value, the blockchain itself is seeing a surge in exercise, with the variety of day by day lively addresses reaching a four-year excessive.

This huge improve, which is highlighted in a chart shared by X (previously Twitter), places Solana forward of different main blockchain networks akin to Tron, Avalanche, Aptos, and Polygon.

Additionally learn: Solana Lively Addresses Hit 4-Yr Excessive: What's Driving It?

Solana supporters celebrated the milestone with X, with one consumer saying Solana is
“Endgame” and different blockchain networks are “scams.” In line with charts from Artemis, an on-chain fundamentals platform, the variety of day by day lively addresses on the Solana blockchain surged in August 2024.

Meme coin craze fuels community progress

As of September 9, Solana had 5.4 million day by day lively addresses, Tron had 2.1 million, and Close to Protocol (NEAR) had 2.9 million. In the meantime, Base and Polygon PoS recorded 1.1 million and 606,000 day by day lively addresses, respectively.

Additionally learn: Pantera's $1 Billion Crypto Fund: A Solana-Targeted Bets?

The rise in lively addresses on Tron and Solana is because of meme coin platforms SunPump and pump.enjoyable on these blockchains, respectively. Exercise on Tron has been on the rise because the debut of SunPump, with the community topping blockchain income in August 2024, incomes $60.9 million.

In line with information from CoinMarketCap, the SOL token has fallen 1.66% over the previous 24 hours and is buying and selling at $131.72 on the time of writing. Altcoin buying and selling quantity fell 22.55% to $1.82 billion, giving the digital asset market capitalization a complete of $61.62 billion.

” cross-origin=”nameless”>

In line with the TradingView chart above, the buildup of SOL tokens is on an upward development, with the Relative Energy Index (RSI) at over 43.80, indicating that sellers are in command of the market. Moreover, the slope of the road means that the value will transfer decrease within the quick time period.