Solana Registered Record for Daily New Registrations

Solana (SOL) is trading around $150, at a two-year high. At the same time, the number of new daily registrations at Solana is higher than ever before. Can SOL even aim for an all-time high again?

The crypto reserve currency Bitcoin (BTC) has set new, striking all-time highs four times in the last eight days: first the mark fell to $69,000, then it was $70,000, $71,000 and then yesterday $72,000. In the wake of these trends, Solana (SOL) is extremely strong and has currently risen to a two-year high of around $150.

That is particularly notable because Solana fell deeper than almost any other popular altcoin during the last boom phase on the crypto markets at the end of 2021/beginning of 2022. In May 2022, the Terra (LUNA) ecosystem collapsed , affecting the entire decentralized finance (DeFi) sector – where Solana previously scored points. And then the FTX empire filed for bankruptcy in November 2022 and Solana felt the impact immediately because SOL played a central role at FTX and subsidiaries.

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Decentralized finance is back on the rise at Solana

As of January 1st, 2023, SOL’s price curve had fallen to just under $10 – and has been fighting its way back up from way down since last fall. Analysts are now looking at how metrics develop in the SOL ecosystem. The number of daily new sign-ups on Solana has reached a new record high of 700,000 on average, according to blockchain data. Expert Tristan Frizza, who himself founded a SOL project with DEX Zeta, sees this development in a blog post and interviews as a sign that Solana is a pioneer in opening up a mass audience for the decentralized finance (DeFi) sector.

The data from DeFiLlama is encouraging: Solana has returned to fourth place among the most capitalized DeFi ecosystems. Launches of coins such as Jupiter (JUP) and Jito (JTO) in the last quarter highlight the revival of DeFi under Solana. With currently a good $9 billion TVL, the previous record of a good $12 billion for Solana DeFi from November 2021 has moved back within reach.

The all-time high of the SOL price curve of almost $260 also dates back to November 2021 – and Solana would still need a 41 percent increase by then. Frizza thinks this is possible and cites new registrations as the most important argument. These would demonstrate real commitment to Solana instead of speculation, according to Frizza, who also has a great vested interest in a continued SOL boom through his DEX Zeta.

Conclusion: Solana is pumping – no end in sight?

It is clear to neutral observers that Bitcoin continues to play the decisive role in keeping the comeback mood in the crypto markets high. Meanwhile, a very important date is indirectly coming up for Solana and DeFi on March 13th. Then the Dencun upgrade will go live on Ethereum (ETH), which is intended to reduce transaction fees in the ETH ecosystem by up to 90 percent. If this works, Solana’s DeFi competitive advantage will become less important with transaction fees in the cent range.

On the other hand, meme coins like BONK or Dogwifhat show the momentum of SOL. Solid news such as the 2nd generation of Solana smartphones or Coinbase ‘s commitment also demonstrate that there is no threat of standstill. Optimists will interpret Solana’s all-time high of $260 as the mark that shows how much room for improvement there is at least for SOL’s price curve.

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(Featured image by Alesia Kozik via Pexels)

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