This month To the left This was marked by falling demand on its network. As August drew to a close, the Layer-1 network reached its lowest point in terms of transactions and active addresses for the entire year. This decline in usage impacted network fees and revenue, which fell by more than 50% last month. So far this month, the number of unique addresses signing transactions across Solana has totaled 18.09 million.
What’s Happening on the Solana Front?
This represents a 67% decrease from the 54.33 million monthly active users recorded in July and a 16% decrease in active usage since the beginning of the year (YTD). As for unique first signers on the network, their numbers have also fallen. According to The Block’s Dashboard platform, the number of new users on the Solana network reached 11.1 million this month, a 66% decrease from the YTD peak of 33.15 million new users recorded in July. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
This drop is based on the Solana-based memecoin creation platform Pump Fun This was despite the recent hype surrounding the move. Due to the decline in users on Solana, the number of transactions on the Layer-1 network has also fallen. Since the beginning of the month, non-voting transactions on the network have reached 486.61 million, marking the network’s lowest level since the beginning of the year.
In Solana Non-voting transactions refer to all transactions that do not involve direct voting for block producers on the network. These include token transfers, staking and unstaking, NFT sales, etc. With activity on Solana decreasing this month, network fees and revenue from them have been affected. Artemis data shows that these have dropped by 62% in the last 30 days.
LEFT Graphic Analysis
At the time of writing LEFT It is trading at $145.58. Since August 12, the token has trended sideways, encountering resistance at $152.12 and support at $137.65. This relative balance between buying and selling pressures in the market is evidenced by SOL’s flat Relative Strength Index (RSI). This indicator measures oversold and overbought market conditions for an asset.
If SOL breaks above the resistance line and successfully retests it, its value could rise by 10% to trade at $160.09. However, if selling pressure gains momentum, it could drop below the support and trade at $133.64.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
