Solana Surpasses Ethereum in May 2024 with Highest Number of Active Addresses

Solana has emerged as a blockchain platform generating significant buzz in the market. After bottoming out at $8 in December 2022, its price is steadily climbing back towards its all-time high of $260. With positive developments such as increased network activity and developer retention rates, Solana appears to be on an upward trajectory. While Bitcoin remains stable, Solana’s ecosystem is flourishing, hinting at a potential ‘Solana Summer’ on the horizon.

Anticipation is mounting for new record highs in this cycle, indicating continued growth and success for the platform. The possibility of ETF approvals, a hot topic in the crypto community, could further bolster Solana’s momentum.

In May 2024, Solana witnessed a significant uptick in new addresses on its blockchain. According to The Block, May saw the highest number of new addresses in the first five months of 2024, totaling 41.65 million. This surge represents a substantial increase from April’s 36.2 million addresses and highlights Solana’s rapid adoption and utilization compared to Ethereum, which had 15.38 million active addresses in May.

Solana DeFi also reached a new yearly peak last month, with a 33% surge in total value locked, amounting to approximately $1.28 billion. The ecosystem’s growth is impressive, with a continuous stream of positive developments.

While Solana is currently in a consolidation phase, it shows promise for a potential rebound. Historical data suggests strong support around $165, and despite a minor decline, the long-term outlook remains positive. As of now, Solana is being traded at $173.

Don’t forget to keep an eye on the upcoming Altcoin Season, as analysts predict a massive breakout ahead.