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SOL’s On-chain Activity Fails to Match New Addresses Metrics

On-chain activity on the Solana (SOL) blockchain dropped in May, despite a significant increase in new addresses joining the blockchain’s network. New SOL users joining Solana in May have already surpassed the new participants it recorded in each of the past months in 2023. Solana is one of the prominent blockchains for building smart contracts. It is so popular among blockchain users that it is considered one of the Ethereum competitors. At the current price, SOL is hovering around crucial support, which has held on for the past three weeks. Breaking through this support could see SOL’s price drop lower to $18.76.

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