HD: Solana moves up in smart contract development as the correction begins

Solana sees YTD high in smart contract development with 152 contracts.
SOL is exiting the overbought zone as prices continue to fall.

A recent chart revealed encouraging progress in smart contract development across the Solana network. In addition, a look at other key indicators pointed to a favorable increase in the platform’s user base, representing notable growth.

Read Solana’s [SOL] Price Forecast 2023-24

More smart contracts on Solana

According to the latest chart from Artemis, Solana experienced a remarkable uptick in smart contract deployment on its platform. The figures showed an unprecedented high year-to-date, with approximately 152 contracts.

Remarkably, this was the second occurrence in just 30 days in which such a substantial contract implementation was observed. This wave of contract implementation suggested starting new projects on the platform. As new projects emerge, there is a potential for an increase in user base, transaction volume, and even price trends.

Solana’s active accounts see an increase

Last week there was a slightly increasing trend in the number of active users within the Solana network. At the time of writing, the Sol scan data indicated about 296,000 active wallets, which fell just short of the July 11 peak of over 300,000. However, after the peak, there was a subsequent decline in active portfolios until the chart showed an increase again on July 17.

In addition, the scanner data revealed a positive increase in new token accounts. At the time of writing, there were more than 260,000 token accounts, the highest number in the past seven days.

How much are 1,10,100 SOLs worth today

The SOL recovery and correction

Solana has shown a mix of price trends throughout the first quarter, but overall value has grown positively. An examination of the daily SOL price trend revealed a remarkable increase of more than 170% year-to-date.

However, the recent price increase seemed to have peaked. Trading at around $25, SOL experienced a more than 6% drop in value at the time of writing. This drop followed a rapid spike of 22% in three days, pushing the price into the overbought zone. While the recent decline has lifted SOL out of the overbought zone, sentiment remained upbeat.

Source: TradingView

This post Solana’s latest development is turning heads; is SOL on the same page?

was published first on https://ambcrypto.com/solanas-latest-development-turns-heads-is-sol-on-the-same-page/


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