Investor interest in Solana has experienced a boost since the network launched its real-time data portal for tracking carbon emissions.
As evidence of this growing interest, the asset’s price has surged by almost 4% in the past 24 hours, reaching $22.13 by press time. This price movement is a welcome boost for Solana, which has experienced weekly losses of around 8.5%.
SOL seven-day price chart. Source: Finbold
The rally is largely due to the increased buying pressure, resulting in the asset’s market cap rising to $8.6 billion, a significant increase of $312 million in just 24 hours.
SOL one-day market cap chart. Source: CoinMarketCap
Impact of Solana carbon emission tracker
One notable insight from the tracker indicated that Solana emitted approximately 10,651 tonnes of carbon dioxide and consumed over 26,000 megawatt-hours of electricity within a year from April 1, 2022, to March 31, 2023.
The recent rollout of the emissions tracker on the Solana network has had a ripple effect on other on-chain metrics. For instance, the number of daily active addresses on the network has surged to 266,940 as of April 22, a remarkable growth of around 12% within just one week.
SOL one-month daily active addresses chart. Source: The Block
Elsewhere, other noteworthy developments on the horizon are likely to contribute to the value of SOL. For instance, the imminent release of Solana’s smartphone, named Saga, is expected to become available for purchase in early May. The launch of Saga is likely to create opportunities for mobile-based crypto transactions, potentially opening up new avenues for growth and adoption.
SOL price analysis
However, if the current buying pressure is sustained, Solana may have a solid foundation to break through its $25 resistance. This would be a significant milestone for the asset and could potentially attract more investors, further driving up its price.
SOL technical analysis. Source: TradingView
Given that the broader market is mostly trading in the red zone, SOL’s price may encounter resistance at critical levels, potentially leading to a price pullback. This may occur if investors begin to take profits, which could further weigh down the asset’s price.
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