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Daily Active Users on Solana is Surging: Is Solana Going to Make a 2023 Comeback?

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By Jessy Sloan - - 5 Mins Read
Credit: Gabby Jones/Bloomberg |

Solana starts the new year in style as its token's price and active users surge, according to data from Token Terminal. Months before 2022 ended, the Solana blockchain was hit with a massive FUD, threatening the number of users who made transactions with their blockchain. 

However, the network is trending much better despite analysts' pessimistic Solana price prediction in 2022. After a bad year in 2022, the cryptocurrency might be making a U-turn from its bearish trend. This can be confirmed as the blockchain has seen more active users and has performed better in the last weeks than many other cryptocurrencies. 

Solana price chart in the last 1 month (coinmarketcap.com

Solana’s DeFi daily active users witnessed a spike over the last month, and it has been supported by more people making crypto-related transactions within the blockchain. Solana’s total value locked (TVL) is also mooning at the moment, and this might create a strong foundation for the cryptocurrency and its network to scale through 2023 without many losses. 

From the data provided by DeFiLlama, the TVL for Solana increased from $206 million to $242.77 million within four weeks. The broad question in the mouth of many undecided investors is will Solana's price and value make a comeback or if it is just a facade. 

Solana is Poised to Make a Comeback 

With the increasing rate of Solana price and its total value in the crypto market, many analysts are making new Solana price predictions. Some consider this moment to be the turning point for the Solana blockchain in 2023. 

The Solana network’s volume, which has grown from $206 million to $1.45 billion in just four weeks, indicates increased market activity and liquidity within the Solana network. 

Solana Market cap in the last 1 month (coinmarketcap.com

Within the last 24 hours, the Solana price has fallen slightly, but the long-term predictions for the cryptocurrency in 2023 remain the same. This is mostly because of the conviction that the increased activity in the NFT and DeFi sectors will keep transactions coming into the network. Increased on-chain activity means more increase in user base and value. 

Solana native cryptocurrency isn't the only factor contributing to the recent growth of the blockchain. NFTs are also involved in the recent increase in the price and value of the  Solana network. 

Solana Floor’s Data shows the network’s NFTs are being bought, sold, and traded at an increasing rate. More details confirmed that most of the recent activity within the network started within the last four weeks. 

Because of the increased activity, more Solana NFTs are traded within the network, constituting a growth in price and volume. 

The Dapp department of the Solana network isn't left out, as many activities by users have increased its market value. Some of the popular decentralized apps within the Solana network, such as Magic Eden, Raydium, and Saber, witnessed an uptick in the number of unique active wallets on their respective platforms. 
Magic Eden is one of the biggest dApps on the Solana ecosystem, and new data shows that its volume has increased to about 21.12%, and the number of transactions spiked by 73.15% over the past four weeks.