Ethereum
Solana Beats Ethereum to Record Highest Active Addresses in May
Solana is currently one of the most talked about blockchains on the market. After reaching a minimum of $8 in December 2022, its price is now climbing towards its all-time high of $260. This previous high may well be surpassed once the next bull run begins,
Solana has seen significant positive developments, including increased network activity and high developer retention rates. Despite some fluctuations, the overall trend for Solana is positive. While Bitcoin remains relatively stable, the Solana ecosystem is thriving, suggesting that “Solana summer” is imminent.
Expectations are high for new all-time highs during this cycle, signaling continued expansion and prosperity for the ecosystem. Potential ETF approvalsa trending topic in the crypto world, could further strengthen Solana’s momentum.
In May 2024, Solana saw a significant increase in the number of new addresses on its blockchain. According to The block, May saw the highest number of new addresses in the first five months of 2024, reaching 41.65 million. This represents a notable increase from 36.2 million addresses in April. Compared to Ethereum, the difference is obvious. Ethereum had 15.38 million active addresses as of May, highlighting the growing adoption and usage of Solana.
Solana DeFi also hit a new yearly high last month. The expansion of the ecosystem is remarkable, with constant positive news. Solana DeFi saw a 33% increase in total value locked, reaching approximately $1.28 billion.
Currently, Solana is consolidating but has strong recovery potential. Historical data indicates significant support around $165 and despite a slight decline, the long-term outlook remains optimistic. At the time of writing, Solana is trading at $173.
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