Solana’s daily trades and DEX volume have declined over the past few months.
Sentiment around SOL improved as the price rose nearly 2% in the past 24 hours.

After months of decline, an important measure of Solana [SOL] has risen significantly, due to increased usage. According to Dune, a data intelligence platform, Solana’s unique active users are up this month. Aside from increased usage, a rise in the metric also suggested higher adoption of the blockchain.

Solana stats have a catch

While an increase in the number of unique users represents higher usage and adoption, the case was different this time. Several other key network metrics recorded declines, suggesting less use of the blockchain.

For example, according to Artemis’ factsSolana’s number of daily transitions gained downward momentum and declined in recent months. SOLThe company’s DEX volume has also dropped, reflecting lower investor willingness to trade the token.

Source: Artemis

Solana investors finally have a smile

While a few network metrics fell, investors had reasons to celebrate as SOL’s price chart turned green after weeks. From CoinMarketCapthe price of SOL is up nearly 7% in the past seven days.

In the last 24 hours alone, the price is up almost 2%. At the time of writing, it was trading at $20.83 with a market cap of over $8 billion, making it the 10th largest cryptocurrency by market capitalization.

Market confidence in SOL is increasing

Solana’s latest uptrend was accompanied by an increase in trading volume, which provided a basis for the price increase. SOL’s social volume revealed that the token’s popularity was also high. Sentiment around SOL improved in recent days, as evidenced by the rise in weighted sentiment.

In addition, LunarCrush’s facts pointed out that SOL’s bullish sentiment has increased more than 100% in the past 24 hours. Another positive statistic was SOL’s Galaxy Score, which increased, giving hope for a further price increase in the coming days.

Source: Sentiment

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Is another pump likely?

A look at Solana’s daily chart gave more cause for celebration as a few market indicators were bullish on the token. The distance between the 20-day exponential moving average (EMA) and the 55-day EMA narrowed, suggesting that the bulls were stepping up their game.

SOL‘s MACD already showed a bullish crossover. The Relative Strength Index (RSI) was above the neutral boundary, which is bullish. However, the Money Flow Index (MFI) registered a pullback, which could cause problems.

Source: TradingView

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