Solana (SOL), one of the biggest gainers of 2023, saw a rough first month of 2024. SOL price dropped by around 9% in the last 30 days. However, it tried to do a reversal in the last 7 days by recording a surge of 10%. The recent updates suggest that Solana is gaining steam and aiming for an uptrend.
Solana sees jump in active addresses
According to the data provided by SolanaFloor, SOL has surged to claim the top spot in terms of the highest Daily Active Addresses across all blockchains. This jump came in line with the rise attributed to the launch of Jupiter ($JUP), a premier decentralized exchange (DEX). It is an aggregator on the Solana blockchain.
Solana price is also down by more than 2% in the last 24 hours. SOL is trading at $96.35, at the press time. Its 24 hour trading volume is up by 8% to stand at $3.6 billion.
The high trading volume has quickly established Jupiter as a key player. However, JUP price has dropped by 63% in the last 24 hours. It is trading at an average price of $0.59, at the press time. Its 24 hour trading volume stands at around $1.5 billion.
Despite the price drop JUP token, launched by Jupiter, has achieved remarkable milestones. It has surpassed $700 million in 24 hour on-chain trading volume. It is trading volume has even exceeded XRP in the same timeframe.
The Jupiter airdrop, launched on November 2nd, aimed to distribute 1 billion $JUP tokens to appro 955,000 eligible wallets within the Solana community.
Where will it head next?
Solana’s price performance has been the key as it recorded a good 78% surge between December 18 and 24, 2023. It helped SOL to jump above the $78 barrier. After successfully flipping this level into a support floor on January 22, SOL is set for further growth.
Analysts anticipate a cooling-off period, with a potential retest of the $78 support level before a renewed uptrend. If this happens, Solana could target a retest of $133, signifying a 70% gain from the support level.
Solana’s whale activity has also made headlines, with significant transactions totaling $82 million worth of SOL moved to unknown wallets.
