HomeNewsAltcoin NewsSolana Experiences Surge Amid Market Downturn

Solana Experiences Surge Amid Market Downturn

  • Project Sela, a CBDC venture, combines private sector agility with central bank oversight.
  • The introduction of “Access Enablers” promises heightened competition and reinforced security.

While the cryptocurrency market faces turbulence, Solana (SOL) takes an unexpected upswing, becoming a point of focus in the crypto arena. With its recent alliances and strategic movements, SOL paints a distinct picture compared to its contemporaries.

Solana’s Decline in Active Users

Although the cryptocurrency charts depict an encouraging trajectory for Solana, the underlying network signals a different story. Lark Davis, founder of the Wealth Mastery crypto newsletter, shared insights on September 6, revealing a drop in Sol’s active addresses—the lowest in two years.

Noteworthy Collaborations Boost Solana’s Value

Challenging the status quo, SOL witnessed a 3% appreciation shortly after announcing a significant collaboration. Visa’s decision to extend its USDC settlement pilot to SolSolana bucks the crypto downturn, sending it soaring in value amid strategic partnerships like Visa, even as active users dip. Dive into SOL’s contrasting trends. Blockchain certainly piqued interest. This partnership, combined with Solana Pay’s integration with Shopify for USDC payments, gave a much-needed boost to SOL, even as its user base showed signs of waning. With these alignments, analysts anticipate a revival of user activity on the Solana network.

Impressive Market Performance Amid Crypto Giants

On September 6, SOL jumped to the second spot on the day’s top gainers list. It was the top-performing coin in the last 24 hours, even as Bitcoin and Ethereum struggled. SOL traded at $19.78 when the article was published, tantalizingly close to $20. The bullish wave propelling Solana suggests it could break $20 soon.

Immersed in crypto since '18. Crafting insightful crypto news and analysis for Coinzene. Bridging the knowledge gap with every piece I pen. Your go-to writer for all things crypto.


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