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.
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.
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.
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Source: https://finbold.com/solana-smashes-20-barrier-as-active-users-surge-whats-next-for-sol-price/