Solana, the sixth-largest cryptocurrency by market capitalization, shows a rise in active users, nearing an all-time high of 160 million.
Factors Driving User Growth on Solana
Key factors contributing to this rise include a broad ecosystem and developer engagement due to the network’s high speed and low fees of $0.02. Solana is also known for its meme-coin activity, which contributes to its monthly usage.
Current Market Status of Solana
According to market analyst Crypto Joe, *"SOL has been chopping in a sideways range for over a year — bouncing between Fib levels and shaking out the weak hands. $140 remains the key level to hold for any real continuation upward."* *Source: Crypto Joe*. As of now, Solana was hovering around the $146 zone, with consolidation between the $140 and $160 zones intensifying.
Future Prospects for Solana
Popular crypto analyst AltcoinGordon recently suggested that the next leg up for Solana could be significant enough to surpass Bitcoin's recent all-time high. Currently, seven providers have filed for Solana exchange-traded funds (ETFs), which could attract institutional investments in the future.
With the increase in active users and expectations around future ETFs, Solana may continue to have a substantial impact on the cryptocurrency market.
