Solana's Network Activity Soars As It Breaks $100 Mark

The cryptocurrency Solana SOL/USD established fresh records for monthly new and active addresses.

What Happened: As reported by The Block, the price upswing of Solana has been paralleled by a substantial increase in network activity.

The count of active Solana addresses has seen an approximate 50% growth over the figures recorded in November, surpassing the 15.6 million mark. This is a leap from the previous record of 15.2 million, set in January.

Furthermore, The Block’s data indicates that the tally of new Solana addresses has also set a new record this December, at 6.8 million, outdoing the former record of 6.6 million established in May 2023.

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However, the count of non-voting transactions, a crucial metric indicating genuine user activity and network validation, has not set a new record and remains below their November figures. These transactions are essential as they validate the network besides facilitating money transfers or activating smart contracts on the Solana network.

Why It Matters: The price and network activity of Solana has seen a significant surge following its rebound from a major price plunge to below $10, triggered by the FTX collapse over a year ago.

Price Action: At the time of writing, SOL was trading at $123.31, up 8.31% in the last 24 hours, according to Benzinga Pro.

Read Next: Michael Saylor Predicts ‘Demand Shock’ As Bitcoin’s Market Cap Skyrockets 160% In 2023, Gaining $530B On

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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