How will the increase in the number of active Solana users affect its price?
According to Valx and quoted by Ambcrypto, one of the reasons for this growth in the number of daily active users has been the increasing interest in DeFi and NFT sub-sectors in this network. In particular, the number of active DeFi users on the Solana network increased over the past month, which contributed significantly to the improvement of the blockchain’s Total Locked Capital (TVL).
According to DefiLlama website, Solana’s TVL index increased from $206 million to $242 million in just one month.
Interest in Solana Network’s NFT portfolios has also grown. The data of Solana Floor Data site shows that the amount of NFT token buying and selling in this network has taken an increasing rate. The total floor value of Solana’s NFT tokens increased significantly last month. The volume of transactions also grew along with it.
In addition, the activity level of Solana network’s decentralized programs also grew, which was an important factor in attracting users. Popular dApps such as Raydium, Magic Eden, and Saber all saw an increase in the number of unique wallets interacting with them.
Magic Eden, one of Solana’s largest DEPs, saw an improvement in its volume and number of transactions. According to the data, the trading volume of this platform increased by 21.12% and the number of transactions increased by 73.15% last month.
These factors are manifested in Solana’s intra-chain indicators; Sentiment site data shows that the volume of the network has increased from $206 million to $1.45 billion within a month, which indicates an increase in market activity and liquidity.
Although the purchase price of Solana at the time of writing this article is $16.02, which has a slight decrease compared to the previous day, Solana’s analysis shows the possibility of long-term growth of this network.
What effect will the increase in the number of active users of Solana have on its price? The first time in the blog Valx. appeared.