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Jamie Coutts, the chief cryptocurrency analyst at Real Vision, indicates that Solana 
$172 (SOL), a prominent competitor of Ethereum 
$2,448, may be on the brink of a substantial increase. Over the past three months, there has been a notable triple-digit increase in the number of Solana wallets, which is significantly higher compared to other smart contract platforms.
Growth in Active Wallets
Coutts points out that a combination of Solana’s price correction and network metrics suggests that SOL is poised for a major upward movement. He stated, “Solana: active addresses increased by 276%, while fees dropped by 11.3%. The price appears ready to spring up like a coiled spring.”
He also shared metrics from other smart contract platforms during the same period. While Ethereum has seen fees drop to a low point with a 77% increase, its price momentum remains weak at 21.9%. Meanwhile, TON recorded a 208% rise in active addresses and a 103% increase in fees, but its price increase was limited to 26.1%.
Payment Developments for Solana
Solana is also gaining attention as payment giants like Stripe globally support USDC payments. This development is viewed positively for layer-1 platforms like Solana. Coutts commented, “One of the world’s largest payment companies is re-entering the crypto market after a six-year hiatus. Visa, Mastercard, PayPal, and Stripe continue to invest in crypto.”
He further stated, “Even if all other use cases fail, stablecoins and their utilization for payments and decentralized finance will support the value of layer-1 networks.”
At the time of writing, Solana is trading at $145.33, experiencing an increase of over 4% in the last 24 hours. Coutts emphasized that this surge in cryptocurrency activity serves as a strong signal for Solana’s future performance.
Lastly, advancements in payment technologies and the support from major payment companies are expected to bolster the growth of platforms like Solana. However, caution is advised for stakeholders regarding the future utilization of blockchain infrastructures.
The significant rise in Solana’s active wallet count indicates increased usage and adoption of the network. This trend can be interpreted as a positive sign for the platform’s ecosystem. Stakeholders can assess Solana’s potential by monitoring developments in network metrics.
