Solana

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solana-experiences-drop-in-user-activity" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Experiences Drop in User Activity</a><br></p>
<p style="text-align: justify">August has been a challenging month for the Solana network, with a noticeable decline in user activity and transactions. As the month concludes, Solana has hit its lowest annual figures in terms of transactions and active addresses. This drop has led to a significant decrease in network fees and revenue, which plummeted by over 50% last month. Currently, the number of unique addresses participating in transactions on Solana stands at 18.09 million.</p>
<h2 id="how-significant-is-the-drop-in-user-activity">How Significant Is the Drop in User Activity?</h2>
<p style="text-align: justify">The network has experienced a 67% reduction in monthly active users compared to the 54.33 million recorded in July, and a 16% decline year-to-date (YTD). Furthermore, the number of unique first-time signers on Solana has decreased dramatically. Data from The Block’s Dashboard indicates that new users on the network have fallen to 11.1 million this month, a stark 66% drop from the YTD peak of 33.15 million in July.</p>
<p style="text-align: justify">Despite the buzz around the Solana-based <a href="https://en.bitcoinhaber.net/shiba-inu-tokens-volatile-market-journey-amid-bitcoins-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> platform Pump Fun, the user base continues to shrink. This downward trend has also impacted the number of transactions on the Layer-1 network, which has dropped to 486.61 million non-voting transactions, the lowest this year.</p>
<h2 id="what-might-be-causing-this-decline">What Might Be Causing This Decline?</h2>
<p style="text-align: justify">Non-voting transactions on Solana include activities such as token transfers, staking, NFT sales, and more. With the recent decrease in activity, both network fees and revenue have been severely affected. Data from Artemis reveals a 62% plunge in these metrics over the past 30 days.</p>
<h2 id="key-insights-for-users">Key Insights for Users</h2>
<p style="text-align: justify">– Users should monitor the declining transaction volumes, which could impact transaction speeds and fees.<br> – A significant drop in new users might affect the overall network activity and long-term sustainability.<br> – The current price resistance and support levels for SOL should be noted for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investment</a> decisions.<br> – Reduced network fees could offer lower costs for high-frequency traders.</p>
<h2 id="price-analysis-and-market-trends">Price Analysis and Market Trends</h2>
<p style="text-align: justify">Currently trading at $145.58, SOL has been displaying a sideways trend since August 12. The token is facing resistance at $152.12 and has support at $137.65. The Relative Strength Index (RSI) indicates a balanced market with no significant buying or selling pressure. If SOL surpasses the resistance level and confirms it, its price could rise by 10% to $160.09. Conversely, if selling pressure increases, it may fall below the support level to $133.64.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solana-experiences-drop-in-user-activity" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Experiences Drop in User Activity</a></h5>

Solana Experiences Drop in User Activity

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