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Solana (SOL) has hit another record: today, it has over 75 million monthly active addresses. This surge indicates the network’s growing popularity, especially in areas such as developer and user activity within the dApps, DeFi, and NFT sectors.
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With this increase in Solana activity, the platform is further distancing itself from the rest as it remains one of the most scalable and efficient blockchains available.
Despite this positive momentum, market activity has recently seen significant volatility. SolOn September 18, Solana saw $121,000 in short liquidations and about $3.20 million in long liquidations, with Binance seeing the majority of long positions liquidated. This massive liquidation of long positions suggests that traders may be cautious about Solana’s price action in the near term.
Source: Artemis
Price forecasts show potential
While short-term volatility is a concern, Solana’s price forecast points to a brighter future. Currently, SOL is trading 14.59% below its estimated value for the next month, indicating short-term downward pressure. However, the price is expected to grow by 2.59% over the next three months, with smaller than expected declines. Stronger growth expected Further from the road.
In six months, Solana’s price could rise by 115%, with a 52% increase expected over the next year. This suggests that while the near future is not very promising, Solana represents a great investment opportunity in the long run.
At the time of writing, SOL is Trading at $141.21 Crude oil prices rose 10.1% and 4.1%, respectively, on the daily and weekly timeframes, according to data from Coingecko.
Increase in user activity
One of the key factors that makes Solana have such strong potential is that it has a growing user base. Active addresses on the network have increased significantly since mid-2023, reaching 75.2 million addresses in absolute terms so far.
This reflects that Solana is scaling well and can handle large transaction volumes while fees are low; as more developers and users flock to the platform, the Solana ecosystem continues to grow.
User growth is not just a short-term phenomenon. The launch of new features and updates in the coming months could accelerate adoption, especially in the DeFi and NFT space where scalability is a key factor.
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Network of the future?
The growth in active addresses as well as the bright price outlook should put Solana on a stable footing. Although liquidations and sideways movement in the short term may raise some concerns among investors, the long term looks promising.
For now, investors may need to be cautious about short-term volatility, but Solana’s long-term prospects remain strong. Those looking to invest in the future may find that Solana’s current price is a good entry point before the expected growth begins.
Featured image from Protos, chart from TradingView