Amid the overall cryptocurrency market’s downturn at the start of the week, Solana has seen a notable surge in new addresses, potentially setting the stage for a comeback for its native token, SOL. According to data from IntoTheBlock, the Solana blockchain recorded a significant milestone of 1 million new wallets created last week.
This influx of new users has ignited hope for a potential resurgence in SOL’s price, which is currently trapped in a consolidation range around $160. Over the past 24 hours, the asset has seen a modest increase of less than 1%, according to CoinMarketCap, but has managed to moderately break through the $160 level. All eyes are now on whether this renewed interest can provide the necessary momentum to propel SOL out of its recent slump.
Solana has emerged as one of the best-performing assets of this cycle, alongside Bitcoin and Ethereum, garnering significant interest from investors and users alike. However, the token has endured a setback amid the overall market downturn, leading many to discuss the high hopes they have crafted for the cryptocurrency.
As Solana seeks to break out of its recent consolidation phase, the surge in new addresses could potentially serve as a catalyst for an impending breakthrough. The figure of 1 million new addresses last week, with the number settling above the 900,000 mark, is a significant indicator of growing interest in the asset.
While the surge in new addresses has not yet had a substantial impact on SOL’s overall price, it is an important factor to consider regarding the increasing adoption and potential for future growth. If this trend continues, and whales begin to accumulate SOL, it could drive the asset’s value even higher.
There are still hopes for a bullish run for Solana, with some predictions expecting a surge to between the $180 and $190 level. However, the token’s performance in July will heavily depend on the overall market movement and the general sentiment surrounding the cryptocurrency space.
