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Important crypto news for Solana, which in January recorded a monthly record with a significant increase in new addresses, reaching the figure of almost 12 million new addresses on the blockchain.
Let’s see below all the details.
Summary
News: Solana’s growth reflects investors’ enthusiasm in the crypto sector
As anticipated, there has been a significant increase in the number of new addresses on the Solana blockchain in January, as indicated by the data dashboard of The Block.
The monthly total of new addresses on Solana has risen to 11.81 million in January, marking an 18% increase compared to the approximately 10 million registered in December, which already represented a several-month high.
The last historical peak of new unique addresses for transactions on the Solana network dates back to May 2022, when a count of 11.72 million was recorded.
The recent increase in new addresses coincides with a probable influx of new users engaged in native DEX and memecoins like Wen and Bonk.
In addition, the release of the native token of Jupiter, the main decentralized exchange aggregator of the network, at the end of the month, has likely contributed to this increase.
The average daily number of active addresses over a seven-day period has also increased by over a third since the beginning of the year, although it remains below the activity recorded in May 2022.
The native cryptocurrency of the network, Solana (SOL), has experienced a significant price recovery from the lows of 2022, reaching annual highs of $120 by the end of December 2023.
Since then, it has experienced a slight decline. In the last 24 hours, SOL has recorded a 6% increase, currently trading at around $101.3 according to the latest price estimates.
New price records and ambitious prospects for Solana
Solana (SOL) is currently going through a period of bullish fervor, highlighting a crucial turnaround compared to the recent market downturns.
According to CoinMarketCap data, the value of Solana has reached $101.75, recording a 5.3% increase in the last 24 hours. Moreover, in the last seven days, the cryptocurrency has registered a significant increase of over 15%.
Solana’s journey has been characterized by obstacles, considering that just a few weeks ago the currency was trading at $79.07, when bearish sentiment dominated the market.
Despite concerns about sales during that period, supporters like Raoul Pal continued to believe that the bullish trend of SOL could be delayed but was imminent.
The recent price escalation of Solana has seen the cryptocurrency surpass several key resistances from its monthly low, including the levels of $80, $90, and $100.
The price of $100 is now consolidated as a new support level, bringing the currency into a price discovery territory that could push it towards even more ambitious targets in the short term.
The Solana protocol has significantly leveraged the strong growth of the ecosystem in the areas of decentralized finance (DeFi) and non-fungible tokens (NFT), fueling renewed enthusiasm at all levels.
Jupiter (JUP): best crypto DEX with a record volume of $1.2 billion
Jupiter, according to the data provided by both CoinGecko and the platform itself, has recorded a significant daily trading volume of over 1.2 billion dollars in the last 24 hours.
This result places Jupiter at the top among all cryptographic DEXs, surpassing even the established leader UniswapV3 on Ethereum, which recorded 854 million dollars, according to CoinGecko.
The continuous 24-hour counting of Jupiter seems to be an absolute record for the protocol, which has recently experienced a significant increase in demand.
Data from DeFi Lama also indicates that Jupiter’s record volume in a single calendar day barely surpassed one billion dollars on December 14, 2023.
Therefore, despite current traders not being able to benefit from JUP’s initial airdrop, which distributed 1 billion tokens to previous Jupiter users, there is reason for optimism.
Jupiter has reserved an additional 3 billion tokens, corresponding to 30% of the total supply, for future airdrops aimed at rewarding new users.
Finally, with a market capitalization of approximately 914 million dollars based on the current circulating supply, JUP has generated over 500 million dollars of trading volume in less than nine hours.