A popular crypto analyst thinks Ethereum (ETH) challenger Solana (SOL) is gearing up for rapid growth as two on-chain metrics flash bullish signals for the smart contract protocol.
In a new YouTube video, the anonymous host of InvestAnswers tells his 443,000 subscribers that he’s keeping a close watch on Solana’s daily active users count and the number of new wallets created on the blockchain.
The anonymous analyst reveals that SOL’s seven-day moving average of daily active users hit 235,000 over the weekend with the new addresses count soaring to 115,000. According to the crypto strategist, Solana could witness more users coming into its network due to the various activities happening on the blockchain.
“What is the explanation for this? Well first of all, we know that the daily active user [count] is about to explode because of all the deep-end activity that’s happening on Solana.”
The InvestAnswers host also says that Solana’s growing user count, which he labels as the network’s “lifeblood,” indicates that SOL is gearing up for a surge in price. The analyst reveals that the ratio between Solana’s daily active users and new addresses stands at 49.36% compared to Ethereum’s 17.23%.
“We do expect SOL to grow real fast, and I would much prefer a higher ratio… I’d rather be 49.36% versus 17.23% because every chain depends on its lifeblood.”
At time of writing, SOL is trading for $24.38.
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