Increased activity in the Solana (CRYPTO: SOL) ecosystem boosted Solana’s seven-day gains to 9%, rivaling volumes and the market cap figures of highly trending meme coins.
What Happened: Hellomoon data indicates that new Solana addresses peaked at 10.13 million in January 2024, the second-highest number ever compared to the record set in May 2022 of 11.72 million addresses. Hellomoon data suggests the success of Solana-based memecoins in recent weeks may have played a role in the surge in interest:
Despite a marginal 0.04% gain over the past 24 hours of trading, volume increased by 10%, indicating rising investor interest in the Solana. Notably, trading volume in the past weeks stands at $13.9 billion. This is significantly higher than that of other top 10 cryptocurrencies, such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), with volumes of $2.03 billion and $560.8 million, respectively. BNB (CRYPTO: BNB) and XRP (CRYPTO: XRP) traded with volumes of around $4 billion each.
Separately, Unibot, a trading application, announced that it will issue a native Solana ecosystem token, UNISOL. The token will accrue revenue in the form of SOL. The application announced two pools for revenue sharing for protocol revenue.
Read Next: Solana Launches Token Extensions – ‘Time To Become A SOL Bull Again,’ Investor Says
Why It Matters: In the past week, Solana rallied 9%, adding to its one-year gains of 300.7%. Solana’s market cap ($42.2 billion) trails Binance’s BNB ($46.05 billion) only marginally.
The increased ecosystem activity fueled optimism by technical analysts regarding the coin’s performance in the upcoming months.
Crypto analyst Michaël van de Poppe tweeted, “Solana is ready for upward continuation here.”
#Solana is ready for upward continuation here.
After the initial push upwards, there’s always a period of consolidation, and it seems it’s ended.
A higher timeframe support test at $80 provided support.
Looks likely we’ll be continuing towards $140. pic.twitter.com/5DRQaRhbZh
— Michaël van de Poppe (@CryptoMichNL) January 28, 2024
Ali Martinez, crypto chart analyst, sees Solana to be breaking out from a descending parallel channel. He tweets, “If $SOL can hold above $94, it has a great chance of advancing toward $113!”
#Solana appears to be breaking out…
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