Solana Hits New High in Daily Active Users Despite Bearish Santiment

Despite the ongoing bear market conditions among the crypto market, Solana has achieved a significant milestone, recording a yearly high of 2.3 million daily active users on Aug. 28, according to data on the chain from Token Terminal.

This new high surpasses Solana’ s previous record of 2.2 million daily active users, which was set on March 17, when the SOL token price soared to $181 and eventually surpassed $200. The increase in the number of daily active users during this period was largely due to increased market activity triggered by the good performance of the Solana price.

In 2024, Solana experienced significant growth, with SOL reaching an all-time high of $209, a remarkable increase from the low of $17.48. This surge in popularity can be attributed to Solana’s fast and efficient networking capabilities, as well as the growing number of meme coins and decentralized applications built on its blockchain.

In the days leading up to August 28, the number of active daily Solana users was consistently below 1 million. However, since August 24, the number has suddenly jumped, reaching 1.2 million, 1.5 million, 2 million, and finally peaking at 2.3 million users.

The exact reason for this rapid increase in active users remains unclear, especially since it coincides with the drop in the SOL token price, which has fallen 1.7% in the last 24 hours and nearly 20% in the last 30 days.