Solana Surpasses Ethereum to Achieve Highest Number of Active Addresses in May 2024

Solana has been making waves in the blockchain world, capturing the attention of many investors. After hitting a low of $8 in December 2022, its price has been steadily climbing towards its all-time high of $260. There is speculation that this peak could be exceeded once the next bull run begins.

The blockchain has experienced positive developments, with a surge in network activity and high developer retention rates. Despite some fluctuations, the overall trajectory for Solana is positive. While Bitcoin remains relatively stable, Solana’s ecosystem is flourishing, hinting at the upcoming ‘Solana Summer’.

Anticipation is high for new all-time highs during this cycle, indicating continued growth and success for the ecosystem. The possibility of ETF approvals, a hot topic in the crypto sphere, could further propel Solana’s momentum.

In May 2024, Solana saw a significant increase in new addresses on its blockchain. According to The Block, May witnessed the highest number of new addresses in the first five months of 2024, reaching 41.65 million. This is a substantial rise from April’s 36.2 million addresses. In comparison, Ethereum had 15.38 million active addresses in May, showcasing Solana’s rapid adoption and usage growth.

Solana DeFi also achieved a new yearly high recently, with a 33% increase in total value locked, reaching around $1.28 billion. The ecosystem’s expansion is impressive, with a stream of positive news emerging regularly.

Currently, Solana is in a consolidation phase but displays strong potential for recovery. Historical data indicates strong support around $165, and despite a slight dip, the long-term outlook remains positive. As of now, Solana is trading at $173.

Keep an eye on Altcoin Season, as analysts predict a massive breakout ahead, further fueling the excitement surrounding Ethereum and other cryptocurrencies.