{"id":34473,"date":"2023-12-25T18:52:53","date_gmt":"2023-12-25T22:52:53","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34473"},"modified":"2023-12-25T18:52:53","modified_gmt":"2023-12-25T22:52:53","slug":"solana-breaks-new-record-will-this-send-sol-price-to-200","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/25\/solana-breaks-new-record-will-this-send-sol-price-to-200\/","title":{"rendered":"Solana Breaks New Record, Will This Send SOL Price To $200?"},"content":{"rendered":"

Solana recently reached a new milestone in December, as the crypto continues its trend of massive gains this year. Solana\u2019s price has almost doubled its price at the beginning of the month, increasing appeal among users. In line with this trend, the Solana blockchain<\/a> has attracted an extraordinary increase in user engagement this month.\u00a0<\/p>\n

Although there is still one week remaining in the month, the monthly activity level of Solana\u2019s addresses has surpassed its previous greatest point this year, reaching a new milestone of over 16.45 million in December.\u00a0<\/p>\n

At the same time, on-chain data reveals the blockchain has broken past 7.23 million new addresses created this month alone. This surge of new users flocking to the network could be a sign that SOL\u2019s price may be heading to $200 soon.<\/p>\n

Solana\u2019s Growing Activity And Network Usage<\/h2>\n

Solana\u2019s popularity has grown this year than most would expect. As a result, Solana grew in market cap, displacing both XRP and BNB in the top crypto rankings in quick succession.\u00a0<\/p>\n

According to on-chain data from The Block, Solana\u2019s active addresses have been growing since October, reaching a yearly high of 981,380 daily transactions on December 21. Meanwhile, transactions in December are now at a yearly high of 16.45 million, already surpassing January\u2019s count of 15.24 million.\u00a0<\/p>\n\n

Solana\u2019s trading volume this month is now at $183.99 billion, a 111% increase from the $86.86 billion trading volume in November. The blockchain also recently surpassed Ethereum<\/a> in 7-day DEX volume for the first time in history. DeFiLlama <\/a>puts the total value locked on Solana\u2019s DeFi protocols at $1.492 billion, a 580% increase from $210.47 million on January 1.<\/p>\n\n

How Increased Network Usage Could Impact The Solana Price<\/h2>\n

With more people interacting with the network each day, Solana\u2019s popularity and value are skyrocketing. As the active addresses perform transactions, stake SOL, and interact with dApps on the blockchain, it boosts Solana\u2019s utility and makes the SOL token more useful and valuable.\u00a0<\/p>\n

This growth is particularly evident in BONK<\/a>, Solana\u2019s first dog-themed meme token, whose price has grown 314% in a 30-day timeframe. Solana, on the other hand, recently reached a yearly high<\/a> of $117.\u00a0<\/p>\n

Reaching $200 would be a huge milestone for SOL, as the crypto hasn\u2019t reached this price level since November 2021. However, while the current metrics point to increased activity to reach this price point soon, the first resistance is at the $116 price level and the next around $136.\u00a0<\/p>\n

A strong break over $136 and a strong general crypto market bullish sentiment in 2024 would give Solana free rein to continue climbing higher.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana recently reached a new milestone in December, as the crypto continues its trend of massive gains this year. Solana\u2019s price has almost doubled its price at the beginning of the month, increasing appeal among users. In line with this trend, the Solana blockchain<\/a> has attracted an extraordinary increase in user engagement this month.\u00a0<\/p>\n

Although there is still one week remaining in the month, the monthly activity level of Solana\u2019s addresses has surpassed its previous greatest point this year, reaching a new milestone of over 16.45 million in December.\u00a0<\/p>\n

At the same time, on-chain data reveals the blockchain has broken past 7.23 million new addresses created this month alone. This surge of new users flocking to the network could be a sign that SOL\u2019s price may be heading to $200 soon.<\/p>\n

Solana\u2019s Growing Activity And Network Usage<\/h2>\n

Solana\u2019s popularity has grown this year than most would expect. As a result, Solana grew in market cap, displacing both XRP and BNB in the top crypto rankings in quick succession.\u00a0<\/p>\n

According to on-chain data from The Block, Solana\u2019s active addresses have been growing since October, reaching a yearly high of 981,380 daily transactions on December 21. Meanwhile, transactions in December are now at a yearly high of 16.45 million, already surpassing January\u2019s count of 15.24 million.\u00a0<\/p>\n

Solana\u2019s trading volume this month is now at $183.99 billion, a 111% increase from the $86.86 billion trading volume in November. The blockchain also recently surpassed Ethereum<\/a> in 7-day DEX volume for the first time in history. DeFiLlama <\/a>puts the total value locked on Solana\u2019s DeFi protocols at $1.492 billion, a 580% increase from $210.47 million on January 1.<\/p>\n

How Increased Network Usage Could Impact The Solana Price<\/h2>\n

With more people interacting with the network each day, Solana\u2019s popularity and value are skyrocketing. As the active addresses perform transactions, stake SOL, and interact with dApps on the blockchain, it boosts Solana\u2019s utility and makes the SOL token more useful and valuable.\u00a0<\/p>\n

This growth is particularly evident in BONK<\/a>, Solana\u2019s first dog-themed meme token, whose price has grown 314% in a 30-day timeframe. Solana, on the other hand, recently reached a yearly high<\/a> of $117.\u00a0<\/p>\n

Reaching $200 would be a huge milestone for SOL, as the crypto hasn\u2019t reached this price level since November 2021. However, while the current metrics point to increased activity to reach this price point soon, the first resistance is at the $116 price level and the next around $136.\u00a0<\/p>\n

A strong break over $136 and a strong general crypto market bullish sentiment in 2024 would give Solana free rein to continue climbing higher.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34473","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34473"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34473\/revisions"}],"predecessor-version":[{"id":34480,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34473\/revisions\/34480"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34473"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}