Solana (SOL) Price Soars as Active Addresses Approach 2021 Highs

Following the development, analysts have been predicting ambitious prices for SOL. However, according to this on-chain analysis, those forecasts may not be outrageous in the end.

Solana Reaches Unprecedented Level of On-Chain Activity

At press time, SOL trades at $192.70. The last time the token traded at this level was back in April. However, this price increase does not surprise BeInCrypto.

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Last week, we reported that Solana could surpass this year’s open interest high. As of this writing, that has happened. However, that is not the major focus of today’s analysis. 

Instead, a key metric on the Solana ecosystem is close to breaking its highest level in three years. The metric in question is the active addresses, which measure the user participation rate on a network.

At press time, Solana’s daily active addresses were 2.07 million, which is only meters away from the 2.26 million it reached during the 2021 bull market.

Also Read: 13 Best Solana (SOL) Wallets To Consider in July 2024