solana The network, a layer-1 smart-contract-enabled blockchain protocol renowned for its high transaction throughput and low gas fees, has seen an increase in daily users in recent weeks.
According to the data presented by token terminalThe number of daily active users on the blockchain recently hit a 12-month high of nearly 400,000.
The spike in daily active users comes at a time when Solana’s Major, more established blockchain competitors such as bitcoin and ethereum are struggling with increased congestion.
Bitcoin transactions have recently surged to record daily numbers amid a sudden surge in popularity of the new BRC-20 token standard (crypto tokens issued directly on the bitcoin blockchain, similar to how ERC-20 tokens are issued on Ethereum). All powered by the Ordinals protocol that introduced inscriptions to the bitcoin network late last year.
Meanwhile, the Ethereum blockchain is struggling with a sudden surge in meme coin-related transactions as new-wave meme coins like Pepe (PEPE) gain significant buzz.
An increase in network congestion on the world’s two most widely used blockchains has gone hand-in-hand with a spike in transaction fees (referred to as gas fees on the Ethereum network), lowering costs for crypto users like Solana. is pushing on blockchain alternatives.
Price Prediction – Is It A Good Time To Buy?
Despite the positive trend in daily active users on solana The price of the blockchain, SOL, continues to decline and was around $20.50 per token, down about 1.5% for the week.
SOL is the token that powers solana blockchain.
This can be partly explained by the fact that other on-chain metrics, such as the blockchain’s daily fees and trading Fifth note of musical scale Volume failed to pick up.
Meanwhile, SOL’s technical outlook is mixed.
The cryptocurrency continues to trend lower within the boundaries of a bearish trend channel but has consistently found support above its 200DMA in recent weeks.
This could be taken as a long-term bullish sign, but it is too early to declare a bull market for Solana.
This is because the cryptocurrency recently found strong resistance on a downtrend that has been in play since late 2021.
A break above this long term downtrend could propel SOL price above the crucial $27-28 resistance area and open the doors for more gains towards the $39 and $48 resistance areas.
For investors confident that the broader crypto bull market will continue, now could be a good time to buy Solana, as it could see a very steep rise when it breaks these key resistance levels.
Solana Alternatives to Consider
While Solana has the potential to perform extremely well in the medium term if it can break key resistance levels, investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors may consider is getting involved in crypto presales.
This is where investors buy tokens of up-start crypto projects to help fund their development.
These tokens are almost always sold very cheaply and have a long history of pre-sales providing huge exponential returns to early investors.
Many of these projects have great teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their pre-sale investment is great.
The Cryptonews team spends a lot of time on pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto pre-sales of 2023.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.