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Solana smashes $20 barrier as active users surge; What’s next for SOL price?

Solana smashes $20 barrier as active users surge; What's next for SOL price?

With the majority of the cryptocurrency market opening the week on a more positive note, Solana (SOL) has been no exception after earlier reclaiming a crucial price resistance, and recent on-chain data demonstrates a massive spike in active Solana users.

Indeed, the number of unique active users on May 1 stood at 3.6 million, a staggering 146.58% increase from April 1, according to the Dune Analytics blockchain data shared in a tweet by Tom Dunleavy, an analyst at cryptocurrency monitoring platform Messari, on May 28.

Unique active Solana users. Source: Tom Dunleavy

With the recent results, the cumulative number of all unique active Solana users has climbed to 39.75 million, as per the chart created by the Dune Analytics member @cryptokoryo, last updated six days ago.

Solana price analysis

Meanwhile, Solana was at press time changing hands at the price of $20.73 after shattering the crucial resistance level at $20 on May 27. During the last 24 hours, the asset’s price has increased by 1.12%, as well as adding 4.44% over the past seven days, as it moved to reverse the 10.89% decline from the previous month.

Solana 7-day price chart. Source: Finbold

As such, the price of Solana is getting close to the average projections of $21.65 made by the community over at the crypto monitoring platform CoinMarketCap as shared by Finbold on May 16. Currently, these predictions are even more bullish and stand at $21.69.

It is also important to note that Solana has recently gotten on the artificial intelligence (AI) train by integrating the technology into its blockchain platform using a ChatGPT plugin developed by Solana Labs. In the future, the success of such developments could have the capability to propel the price of its cryptocurrency further.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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