Solana bucked the crypto market trend when it increased by 2.94% while other coins recorded losses in value.
Solana is the only one of the top 10 Altcoins by market capitalization whose price has increased in the last 24 hours.
According to BeinCrypto, Other top crypto assets like Ethereum and XRP all witnessed a crash in value in the past 24 hours with Bitcoin losing 7% of its value.
Solana ( SOL ) has increased by 2.94% to $174.38 continuing its bullish trend which has seen its value rise by 55% over the past month.
Solana’s price has risen by 21% in the last week and is up an astonishing 724.6% higher than a year ago.
Solana’s progressive surge in price is closely tied to innovations within the ecosystem. The recent announcement of an Israeli Shekel-backed stablecoin, BILS, and the enhancement of liquidity through USDC stablecoin support have drawn users to the blockchain.
These innovations prepare the blockchain for a much-anticipated surge in real-world tokenization.
As a result of these innovations and the progressive surge in Solana Price, Solana weekly users grew from 432,000 to almost 800,000 in just over a week between February 26 and March 7, 2024.
This massive leap signifies an 85% increase in number of Solana users. The increase suggests a positive outlook for investors and traders in the Solana project despite its challenges of outages and service disruptions that have occurred almost every year since its launch.
What to know
Solana recently breached the $170 mark currently trading at a $182 price. The recent surge in Solana Price could catapult the price of Solana towards its all-time high of around $260.
An exponential increase in Solana users comes with its challenges. For example, a recent glitch stopped users of the crypto exchange Coinbase from seeing correct balances. This all suggests an increase in blockchain activity due to a growing number of users.
