Solana (SOL) continues to elbow other blockchains in terms of transaction volume and daily active addresses.
Outperforming other networks means Solana has more daily unique users making transactions, such as utilizing decentralized finance (DeFi) apps, minting non-fungible tokens (NFTs), and sending tokens.
Solana is not only driving strong ecosystem growth and user engagement but also social engagement.
Notably, SOL is experiencing almost twice the number of Ethereum social engagements at 45.11 million compared to the latter’s 25.24 million.
What does this mean? Social engagement refers to conversations and interactions on social media platforms such as Telegram, X, and Reddit.
Therefore, more people are reacting, sharing, or talking about content related to Solana than they are to Ethereum.
Is Solana Eyeing a Leg Up as Higher Lows Pop Up?
According to market analyst Crypto Paykash, “SOL has formed a higher low and is now pushing back toward the range highs. If it can break through that key resistance zone ($182-$194), a new all-time high could be next.”
The analyst believes that Solana has the potential of breaching its all-time high (ATH) price of $293 set earlier this year if it smashes major resistance at the $182 to $194 level.
At the time of writing, Solana was hovering around $164.85, representing a 4.8% increase in the past week, according to CoinGecko data.
Meanwhile, banking giant Standard Chartered recently released a detailed forecast about Solana reaching the psychological price of $500 by 2029.
