Solana (SOL) is in the spotlight at the moment after crucial on-chain data showed that the protocol has recorded another All-Time High (ATH) in its Monthly Active Addresses (MAUs). While this milestone is not unexpected, the major question is whether it might have a bearing on the future price trajectory of the coin.
Solana is Primed for a Bullish Breakout
Solana has managed to maintain its position as the fifth-largest digital currency by market capitalization. Beyond its valuation, its popularity in the blockchain ecosystem is being fueled by the ongoing memecoin revolution.
Per data shared by SolanaFloor citing Artemis dashboard, Solana’s MAUs has topped 30 million.
BREAKING: Monthly active addresses on @Solana surpass 30 million, a new all-time high. pic.twitter.com/F9ujQE2OiC
— SolanaFloor (@SolanaFloor) June 21, 2024
This milestone underscores the popularity of the protocol, one that might boost the volume of its respective applications. This metric might come as a complementary push should the majority of the active users decide to boost demand for SOL.
Over the past year, Solana has soared from a low of $15.75 to a high of $209.70. This growth takes its backing from the memecoin revolution. From the push of BONK into the limelight to the emergence of dogwifhat (WIF), the ecosystem has grown to have a dedicated community.
Per the chart from Artemis, the Solana MAUs figure comes in at 14.4 million in early January. Amidst the epic Solana congestion early this year, the metric recorded an unstable trend. Breakout was recorded from mid-May. This was weeks after the development team have deployed the fix for the congestion on the mainnet.
This milestone record, is however, coming at a time when the price of Solana is struggling for stability. At the time of writing, SOL is changing hands for $130.21, down 6.61% in 24 hours. With this metric outlook, is a rebound incoming for Solana?
SOL Bullish Trigger In Discovery
Solana has one of the most dynamic price actions among the most valued assets in the market. Despite the rout in the market, the coin is still up by 25.88% in the Year-to-Date (YTD) period.
While the MAUs data might not be strong enough to fuel a bullish revival in Solana, but it can complement other fundamentals. As reported earlier, 3iQ is pushing for the first Solana ETF product in Canada. If successful, it can set the coin up for related push in the United States.
So far, Solana is staying healthy, with the explosion in its core market focus around memecoin. Per earlier forecasts, SOL might be facing its last squeeze before its coming community-driven rally.
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