This month, the Solana (SOL) network has seen a surge in demand, with daily active users and new user counts skyrocketing. With just six days remaining in September, the month is on track to be Solana’s busiest in terms of user activity since the start of the year.
Over the past 23 days, the number of unique addresses that have signed transactions across the Solana network has totaled 61 million. This represents a 57% surge from the 26.31 million unique active addresses that used the blockchain network in August. Year-to-date, Solana’s monthly active address count has increased by over 900%.
New users have also flocked to the chain, taking advantage of its low transaction fees. The number of unique first-time signers transacting on the Solana network has surged to 78 million, marking an 85% increase from August’s 40 million. The sharp rise in Ethereum’s average transaction fees throughout September has contributed to Solana’s growing popularity.
This surge in demand for Solana has fueled speculation that SOL’s price could soon hit $160. The bullish readings from the altcoin’s key momentum indicators support this outlook. For example, SOL’s Relative Strength Index (RSI) is in an uptrend at press time, indicating that buying pressure outweighs selling activity among SOL market participants.
Further, the position of the dots that make SOL’s Parabolic Stop and Reverse (SAR) indicator confirms the bullish bias toward the altcoin. Given the current market sentiment, Solana’s price is expected to maintain its upward trajectory. If buying pressure remains strong, the altcoin could rally past the key resistance at $159.96. However, if selling pressure intensifies, SOL’s price may reverse course and retrace to its support level at $131.32.
