Ethereum

Solana

Polygon

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solana-gains-ground-with-active-users" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Gains Ground with Active Users</a><br></p>
<p style="text-align: justify">Investors are concerned that despite a potential recovery in the broader cryptocurrency market, <a href="https://en.bitcoinhaber.net/explosive-growth-in-solanas-decentralized-exchange-trading-volume" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a>‘s (SOL) price might continue its downward trend. However, recent on-chain data and derivatives suggest a possible reversal, potentially leading to a bull run that could push SOL back above $160, a level last seen five weeks ago.</p>
<h2 id="why-is-solana-s-activity-increasing">Why Is Solana’s Activity Increasing?</h2>
<p style="text-align: justify">In the realm of decentralized applications (DApps), Solana recently lagged behind its competitors. Yet, data from the past week shows noteworthy progress, even as many rivals experience declines. Over the last seven days, Solana’s active users surged by 19%, while Ethereum, BNB Chain, and Polygon saw decreases.</p>
<p style="text-align: justify">Additionally, the volume of Solana DApps reached $703 million, marking a 12% increase from the previous week. In contrast, Ethereum experienced a 37% drop in volumes. Solana’s decentralized exchange, Raydium, reported a 39% increase in activity, amassing 1.71 million active addresses compared to BNB Chain’s leading DApp Move Stake, which had 198,570 active addresses.</p>
<h2 id="what-do-futures-markets-reveal">What Do Futures Markets Reveal?</h2>
<p style="text-align: justify">Analyzing the futures markets for SOL is crucial. Perpetual contracts, or inverse swaps, feature an embedded rate recalculated every eight hours. A negative rate generally means short positions (sellers) are using higher leverage. For SOL, the eight-hour funding rate turned negative between July 5 and July 6. However, the current indicator is near zero, indicating balanced demand between long (buyers) and short positions.</p>
<h2 id="actionable-insights">Actionable Insights</h2>
<p style="text-align: justify">Key takeaways for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>:</p>
<ul style="text-align: justify">
 <li>Solana’s user activity is rising even as competitors face declines.</li>
 <li>DApp volumes on Solana increased significantly over the past week.</li>
 <li>Raydium’s performance suggests robust engagement within Solana’s ecosystem.</li>
 <li>Futures market data indicates balanced demand, hinting at potential stability.</li>
</ul>
<p style="text-align: justify">While it’s uncertain what will restore investor confidence in SOL and elevate its price to $160, the on-chain and futures market <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> no immediate signs of distress. Investors should monitor these metrics closely as they could signal upcoming trends.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solana-gains-ground-with-active-users" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Gains Ground with Active Users</a></h5>

Solana Gains Ground with Active Users

Table of Contents

BH NEWS

Other articles published on Jul 13, 2024

Bitcoin and Altcoin Prices Show Significant Movements

Naval Ravikant Says ‘Bitcoin Is A Tool For Underdogs’ As Trump Gears Up To Speak At Major BTC Con...

Ripple Lawsuit: SEC’s Secret Meeting Signals Endgame?

OpenAI is building a new AI model under code name ‘Strawberry’ — Report

Argentina and Solana Partner for “Forma,” Aiming to Enhance Crypto Adoption

Can Bitcoin Still Make A New All-Time High In July Despite Shaky Start To Month? Tron (TRX) Netwo...

Join our free newsletter for daily crypto updates!