SOL Rallies as Developer Interest Skyrockets

• As reported by A16z, Solana, a layer-1 blockchain known for its speed, has contributed 100 million active addresses out of a total of 220 million.
• If institutions and investors continue to adopt Solana’s blockchain, SOL’s price could rise to $200.

Solana (SOL), the fifth-largest coin with a market capitalization of $72 billion continues to shine in the broader digital currency ecosystem with a spike in active addresses and an increase in developer interest. According to the recent report by A16z, one of crypto’s most reputable venture capital firms. This data shows the crypto industry is achieving its ultimate goal, Mass adoption with Solana’s successes.

In September 2024, 220 million addresses interacted with a blockchain once per month, this is triple what was the record in 2023, 70 million addresses. According to A16z’s projections, monthly active crypto addresses could hit 1 billion by 2031.

Solana Takes Center Stage

It is worth noting that Solana contributed 100 million of the 220 million total active addresses, this is enough evidence that Solana is rapidly growing in popularity among startup founders. Trailing behind is  NEAR a Layer2 blockchain for developers with 31 million addresses, then Base with 22 million, Tron at 14 million, and coming in fifth is Bitcoin (BTC) with 11 million addresses.

The A16z report pointed out that the blockchain that saw the biggest change in total share of builder interest according to their builder energy dashboard is Solana. 

For context, the Builder Energy Dashboard lists the developer’s interest in building applications on blockchains in the ecosystem. The total share of founders who are looking to build blockchain-based applications on Solana doubled from 5.1% last year to 11.2% this year.

Solana-based meme coins have played a key role in boosting the blockchain’s valuation into the top 10. Over the past week, POPCAT, BONK, and WIF collectively added $552 million to their market cap, according to CoinGecko data, with BONK alone increasing by 15.9% since October 10.

Each of these meme coins is benefiting from the broader crypto surge, with technical analysis suggesting that their upward momentum could continue if bullish trends persist. For Solana, if it successfully handles competition, maintains its pace of technological advancements, and strengthens its partnerships, the coming decade could offer substantial rewards for long-term investors.

Solana (SOL) May Hit $200 by 2025

As of writing, the price of Solana is changing hands for $153.9, up by 0.98% in the last 24 hours with its market capitalization at $72 billion.

One main factor that could drive Solana’s growth is its infrastructure which has drawn attention from consumers as well as institutional investors. It is generally believed that SOL could hit the $200 price mark but for this to happen, the projection is that it will need to sustain its current growth course.

Additionally, there is growing speculation that a Solana (SOL) ETF is highly likely to be filed and approved by the U.S. SEC based on the project’s increased interest from institutional investors.

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