- The number of daily active users on Solana remained above 5 million in November.
- SOL is up more than 11% in the past 24 hours.
Solana [SOL] has seen an explosion in its user base in 2024. Analysis has shown that the number of users has exploded, increasing by more than 100 million as we approach the end of the last quarter.
The memecoins on the platform have affected its growth, and this has also affected the price of SOL.
Solana is seeing an increase in its user base
Solana’s user base has shown unprecedented growth since the beginning of the year (YTD), with an impressive increase becoming even more evident in recent months.
Data from Artemis indicated that Solana had approximately 13.8 million monthly active addresses at the beginning of this year.
However, the network’s number of active addresses has skyrocketed since August, from about 40 million at the end of August to more than 100 million in October.
Source: Artemis
This sharp increase highlights Solana’s increasing adoption, with daily active addresses growing more than 970% YTD.
The trend continued strongly in November, where the number of daily active addresses consistently remained above 5 million.
Memecoin activity drives Solana’s user growth
A major contributor to Solana’s user growth is the increase in memecoin activity on the platform.
In 2024, the number of memecoins on the network has increased noticeably, with even more projects being launched in recent months.
Data from Coin gecko shows that the market cap of memecoins on Solana at the time of writing was over $12.4 billion.
With a total memecoin market capitalization of approximately $72.2 billion, Solana held a significant share of over 17%, underscoring its role in the growing meme token ecosystem.
This influx has increased the number of users and diversified Solana’s ecosystem, attracting casual users and serious investors looking for alternative assets within the network’s fast and affordable infrastructure.
Positive momentum for SOL’s price
Solana [SOL] has also shown impressive price performance, with the altcoin trading at $184.91 at the time of writing, reflecting a daily increase of 10.96%.
The recent price action has pushed SOL above both its 50-day and 200-day moving averages, indicating a strong bullish trend.
Since crossing the 200-day moving average in late October, SOL has continued its upward trajectory, indicating resilient investor confidence in the asset.
Source: TradingView
Increased trading volume further supports this price momentum, indicating strong investor interest.
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The combination of strong technical indicators and rising volume suggests a positive outlook for Solana’s price in the near term.
If SOL can hold support above critical price levels, it can continue its upward move and potentially reach new highs, driven by continued demand and favorable market sentiment surrounding its growing ecosystem.
