Solana’s Blockchain Growth Outperforms SOL Token Value

As of September 9, the SOL token has struggled to maintain its value, but Solana’s blockchain has grown significantly in daily active address usage, with over 5.4 million users actively utilizing the network. The surge in activity has led to Solana claiming the top spot on the charts, outperforming other major blockchain networks.

Just two weeks ago, Tron and Near Protocol, competing with Base and Polygon PoS, reported daily active addresses of 2.1 million and 2.9 million respectively. A significant part of this surge has been spurred by the emergence of new meme-coin platforms such as Tron’s SunPump and Solana with pump.fun, which have gained thousands in early hours; however much of Sola’SOL account has declined sharply in value over the past 24 hours, trading at $131.72 (on current day, SOL is down 2.65 per cent), while its trading volume has dropped 22.55% to $1.78.

Due to this, SOL’s market capitalization has decreased, currently standing at $61.62 billion. The relative strength index (RSI) is above 43.80, which could indicate that sellers are in control of the market and may have a negative impact on the price of SOLI. Moreover, even though the accumulation of SOL tokens is continuing to rise, the gradient of the line indicates that lower prices may be forthcoming in the near future.

This contrasts sharply with Solana’s flourishing blockchain and SOLI’S depressed price, both of which raise interesting questions about how the dynamic dynamics between usage and demand on the blockchain should translate into an increase in demand for the token and, therefore, its price. In any case, that has not happened in the case of Solana.

One possible explanation is a question about the nature of activity driving growth: ‘Meme coin sites such as the ones I just mentioned tend to draw from and enjoy short-term rewards and novelty rather than the long term viability of the blockchain or its native token. Despite the blockchain’s increased activity, SOL holders may still see greater value.

Given that Solana is setting new records and attracting new users, it remains unclear how much higher this trend will be. Will SOP2 catch up with its price or will the token continue to struggle in the long run? There is no doubt that Solana’s blockchain has arrived, and its influence will be felt in the cryptocurrency industry.

For more insights and information on Solana and its blockchain, check out this article on CoinSeeks.com: Solana Blockchain Activity Surges but Token Price Struggles.