Solana surpasses Ethereum to achieve the highest number of active addresses in May 2024
Solana has emerged as a prominent player in the blockchain space, garnering much attention from investors. After hitting a low of $8 in December 2022, its price is now steadily climbing towards its all-time high of $260. With positive developments such as increased network activity and high developer retention rates, Solana’s future looks bright. While Bitcoin remains steady, Solana’s ecosystem is thriving, hinting at a potential ‘Solana Summer’ on the horizon.
Anticipation is growing for new all-time highs during this cycle, signaling continued growth and success for the platform. The possibility of ETF approvals, a hot topic in the crypto community, could further boost Solana’s momentum.
In May 2024, Solana witnessed a significant uptick in new addresses on its blockchain. According to reports from The Block, May saw the highest number of new addresses in the first five months of 2024, reaching 41.65 million. This surge marks a substantial increase from April, where there were 36.2 million addresses. In comparison to Ethereum, Solana’s adoption and usage are rapidly outpacing its competitor, with Ethereum recording 15.38 million active addresses in May.
Solana’s DeFi sector also reached a new yearly high last month, with a 33% increase in total value locked, amounting to approximately $1.28 billion. The ecosystem’s continuous expansion is accompanied by positive news, showcasing its robust growth.
Although Solana is currently consolidating, it displays strong potential for recovery. Historical data indicates solid support around the $165 mark, and despite minor fluctuations, the long-term outlook remains positive. At the time of writing, Solana is trading at $173, reflecting its resilience and potential for future growth.
Don’t miss out on the upcoming Altcoin Season, as analysts predict a massive breakout ahead. Keep an eye on Ethereum as well, as the cryptocurrency market continues to evolve.