Solana Price Is Rising, 2 Factors Are Driving It
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- Solana’s daily active user count remained above 5 million in November.
- SOL has increased by over 11% in the last 24 hours.
In an impressive turnaround, Solana [SOL] has witnessed substantial growth in its user base throughout 2024. Recent analytics indicate that the user count soared to surpass 100 million by the end of Q3.
The burgeoning memecoin market on Solana has played a significant role in this user growth, also positively impacting SOL’s price trajectory.
Solana sees a surge in user base
The growth of Solana’s user base has been phenomenal since January, with particularly dramatic increases noted in recent months.
Data from Artemis reveals that Solana had roughly 13.8 million monthly active addresses at the year’s onset.
The network experienced explosive growth in active addresses starting August, escalating from about 40 million at month-end to over 100 million by October.
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The rapid rise in daily active addresses is attributed to Solana’s swift adoption. span >
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The trend persisted through November, with daily active address counts consistently exceeding five million.
Memecoin Activity Fuels User Growth
The growing activity around memecoins on the platform substantially aided Solana’s user expansion.
In particular, there’s been a remarkable surge of new memecoins introduced throughout early 2024 and countless projects launched recently.
Pricing Momentum for SOL
Bullish Trends Emerge for SOL
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