Solana DEX Surpasses 750M Addresses as $SOL Eyes $210

Key Insights:

• Analysts predict a breakout above $210 for $SOL, indicating potential for further price growth.
• Solana’s DEX surpasses 750M addresses, with a high turnover rate for short-lived wallets.
• Long-term engagement on Solana DEX is declining, with fewer recurring users since early 2024.

Solana (SOL) decentralized exchange (DEX) has surpassed 750 million transaction addresses. This milestone comes as the price of Solana’s native token, $SOL, is testing the $200 support level. Analysts are closely watching the price action, as a breakout could signal further upward movement for $SOL.

Solana’s Recent Price Movement and Technical Outlook

According to Analyst BitGuru, $SOL might be forming a rounded bottom, indicating potential upward momentum. A breakout above the $210 level could drive the price toward new highs. The analyst further adds that holding the $200 support zone is essential for bulls to maintain control.

$SOL has been seeing a substantial recovery, rising 35.42% from the $150 region. The price currently sits near the crucial $200 mark. If the price can sustain above this level, it could pave the way for a more bullish trend.

As of press time, Solana is trading at $200 with a 24-hour trading volume of $3.284B. The Solana token is down 2.17% in the last 24 hours.

High Turnover in Solana DEX Addresses

However, Solana’s DEX has reached over 750 million transaction addresses. Data from WuBlockchain reveals that 96.6% of these addresses are short-lived, with most lasting less than one day. This high turnover suggests that while Solana’s DEX attracts many new users, many of them do not remain active for long.

Despite this, over 1.8 million addresses have been active for over a year. These long-term users average a lifespan of 655 days. This data shows that while Solana’s DEX attracts a significant volume of users, a smaller group remains active over extended periods.

Declining Long-Term Engagement on Solana DEX

In addition, analyst Adam Tehc notes a trend of declining long-term engagement on Solana’s DEX. When filtering out single-day wallets, the data reveals a drop in recurring users after a peak in early 2024. Although Solana DEX continues to attract new users, its long-term engagement appears to be on the decline.

The filtered data suggests that while Solana’s platform sees spikes in activity, maintaining consistent long-term usage remains a challenge. This shift in engagement patterns could influence how the platform evolves in the coming months.