Solana SOL The price of SOL has dropped over the last few days. This is similar to its previous price movement earlier in this month. SOL still attracts attention despite its price decline. Solana recorded an important milestone, Wednesday. Data from Token Terminal shows that the company has a record 2.3 million active daily users.
It is a record that surpasses Solana’s prior high of 2.2 Million daily active users. This record was established on 17 March, when SOL’s price rose to an all-time high of $181. It eventually reached $200. Solana is currently priced at $144.39 after a fall of over 20% in the last month.
Solana SOL Hopes to Rebound in September
Before August 28, there were consistently less than 1 million active Solana daily users. The number of daily users of Solana has suddenly increased since August 24. It reached 1.2 millions, then 1.5 million and 2 million before finally reaching the peak at 2.3million. Since yesterday, trading volume is down over 20%. The Solana holders have been waiting for a spike in the trading volume, which is known as a catalyst to increase prices.
Solana SOL, despite a somewhat inconsistent August performance, is looking forward to a significant September increase. It may skyrocket if the Federal Reserve cuts interest rates next month. SOL’s tendency to respond positively to Fed actions is well-established. Bulls hope that SOL will rise significantly in September and reclaim $150, setting the path to $200.
Also Read: Solana To Break Consolidation Soon Could Peak At $450, Analyst Says
Solana hasn’t maintained a price above $160 since July, when the company reached a high of $184. Recent years have seen September as a great month for Solana. It is usually a positive result. SOL grew 5% in 2022 after falling 25% that August. It increased by 8% in 2023 after it dropped 17%. Rate cuts may be the catalyst for a strong Fall season in SOL, and crypto as a whole.
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Source: watcher.guru
