- Solana is seeing a spike in activity, stablecoin and DEX volumes are increasing.
- Solana’s price continues to fall, but strikers remain bullish on the network.
Solana [SOL]despite criticism for multiple downtimes on its network, it remained undeterred as it continued to make progress in terms of improving its technology.
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Because of this and several other factors, overall activity on Solana began to increase. According to data provided according to Step Data Insights, there has been a significant 150,000 increase in daily active addresses on Solana in the last 24 hours.
This development contrasted with the downtrend observed on Polygon and Ethereum over the same period and reinforces the 30-day uptrend in Solana’s activity.
Source: Artemis
Solana was also observed doing well in the DeFi space as well. The data from Artemis indicated that there was a huge surge in terms of stablecoin growth on Solana. The Solana protocol managed to eclipse major competitors in the crypto space in this regard.
Source: Artemis
In addition, total DEX volume on Solana also increased. This was due to the interest in the Solana protocol from popular DEXs such as Sabre. Data from Dapp Radar showed that Saber has gained 61.14% unique active wallets on its platform in the past week.
Due to the positive performance of the DEXs on the Solana network, the TVL also experienced a huge uptick.
Source: Artemis
Strikers also showed their optimism in the Solana network during this period. According to recent data from Staking Rewards, the number of addresses Solana evicts increased by 2.99% in the past week. At the time of writing, the cumulative number of strikers on the Solana network was 608,394.
Realistic or not, here is the market cap of SOL in terms of BTC
Assess the condition of SOL
However, the same enthusiasm was not reflected in the addresses regarding the purchase of SOL. Since April 17, the price of Solana is down 16.08% after testing the USD 26.03 resistance.
The price of Solana later traded between the $24.05 and $20.77 levels, with most of the volume occurring at the $22.24 price level, as represented by the point of the control line (red). This line could act as resistance to the price of Solana in the future.
The Relative Stregnth Index (RSI) stood at 48.40 and was slowly climbing upwards, suggesting that Solana may be slightly underbought at the time of writing.
Source: Trade View
