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.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Says Top Ethereum Rival Set for Rapid Growth As On-Chain Metrics Signal Health appeared first on The Daily Hodl.
