Solana Monthly Active Addresses Double Amid Price Surge Excitement

Solana Bulls Eyeing Super Bullish Breakout To $100 SOL Price As Cathie Wood Sings Its Praises

Solana (SOL) has experienced a significant surge in monthly active addresses, reaching a staggering 13.9 million, according to insights from onchain analytics firm Nansen.

The firm’s Tuesday post on X highlighted Solana’s dominance, stating that it has seized the throne in monthly active addresses. Notably, the comparison of November to December active addresses vividly showcases Solana’s prowess, with the count soaring to 13.9 million, marking an incredible 98.9% increase.

“For the second month in a row, Ronin Network has topped the charts for the largest increase in active addresses (%), while Solana now takes the top spot in overall active addresses, showing that Solana season is here,” wrote Nansen.

Solana’s robust ecosystem is further underscored by recent data from the Solana Foundation, which reveals a substantial milestone. Notably, the ecosystem now boasts over 2,500 monthly active developers, marking a 50% increase in developer retention on the network over the last three months. This signifies the platform’s ability to attract and retain top-tier talent.

However, it’s essential to acknowledge a nuanced perspective. Recent insights from Electric Capital’s blockchain development tracker Developer Report indicated a fluctuation in Solana’s developer count throughout 2023. While the Solana Foundation claimed consistent growth, Electric Capital’s data up to October 1, 2023, shows a decline from an all-time high of 2,634 developers in December 2022 to 946 developers.

Nevertheless, Solana’s journey is not without challenges, and despite a dip in developer count, Solana’s talent retention over the last quarter aligned with the network’s overall surge in activity and the notable upward trajectory of the native SOL token’s price.

That said, despite reaching a yearly peak of $126 in the last month, Solana has undergone a pullback, manifesting a triple bottom pattern around $96 this month. However, in a tweet today, prominent crypto analyst Ali Martinez shed light on the platform’s bullish trajectory.

Martinez’s analysis indicated that Solana is positioned for a notable breakout, emerging from a bullish flag pattern and potentially triggering a substantial 47% rally upon achieving a sustained close above $106. He stated he anticipates that this surge could propel Solana into the $150 -$165 price range.

Currently, Solana is on the verge of completing its consolidation phase, hinting at a possible push towards the $100 level. Notable support levels stand at $88, with key resistance points marked at $104. A successful break above $100-$106 level is anticipated to initiate a bullish trend, signaling an upward trajectory for the cryptocurrency.

At press time, SOL was trading at $99.59, after a 2.33% surge over the past 24 hours, according to CoinMarketCap data.

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