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

Solana has emerged as a prominent player in the blockchain space, garnering attention for its recent price surge. From a low of $8 in December 2022, the price has steadily climbed back towards its all-time high of $260. With the potential for surpassing this previous peak in the next bull run, Solana is on the rise.

The blockchain has seen significant growth in network activity and developer retention rates, signaling a positive trend. While Bitcoin remains stable, Solana’s ecosystem is flourishing, hinting at an upcoming ‘Solana Summer’. Anticipation is high for new all-time highs, promising further expansion and success for the ecosystem.

The possibility of ETF approvals has also become a hot topic in the crypto world, potentially fueling Solana’s momentum even further. In May 2024, Solana witnessed a surge in new addresses on its blockchain, with The Block reporting a record high of 41.65 million new addresses compared to Ethereum’s 15.38 million active addresses.

Solana DeFi has also reached a new yearly high, with a 33% increase in total value locked at approximately $1.28 billion. Despite current consolidation, Solana shows signs of strong potential for recovery, with historical data pointing to solid support around $165. The long-term outlook remains optimistic, with Solana currently trading at $173.

With the ecosystem’s continued growth and positive developments, Solana is poised for further success in the blockchain market. The future looks bright for this innovative blockchain platform.