Solana Beats Ethereum to Record Highest Active Addresses in May 2024

Solana is currently one of the most talked-about blockchains in the market. After hitting a low of $8 in December 2022, its price is now climbing towards its all-time high of $260. This previous high could well be surpassed once the next bull run commences, 

Solana has seen significant positive developments, including a surge in network activity and high developer retention rates. Despite some fluctuations, the overall trend for Solana is positive. While Bitcoin remains relatively stable, Solana’s ecosystem thrives, suggesting that the ‘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 approvals, a trending topic in the crypto world, could further enhance Solana’s momentum. 

In May 2024, Solana experienced a significant surge in new addresses on its blockchain. According to The Block, May recorded the highest number of new addresses in the first five months of 2024, reaching 41.65 million. This marks a notable increase from April’s 36.2 million addresses. When compared to Ethereum, the difference is stark. Ethereum had 15.38 million active addresses in May, highlighting Solana’s rapidly growing adoption and usage.

Solana DeFi also hit a new yearly high last month. The ecosystem’s expansion is remarkable, with constant positive news emerging. Solana DeFi experienced a 33% increase in total value locked, reaching about $1.28 billion. 

Currently, Solana is consolidating but shows strong potential for recovery. Historical data indicates significant support around $165, and despite a slight dip, the long-term outlook remains optimistic. At the time of writing, Solana is trading at $173.