Solana SOL has been slumping in price over the past few days, mimicking its price activity earlier this month. Despite this downtick in price, there is still plenty of attention and activity surrounding SOL. Solana achieved a significant milestone Wednesday, recording a yearly high of 2.3 million daily active users, according to data on the chain from Token Terminal.
This new high surpasses Solana’s previous record of 2.2 million daily active users. That record was set on March 17, when SOL’s price soared to $181 and eventually $200. Currently, Solana’s price sits at $144.39, after falling over 20% this month.
Solana SOL Hopes To Rebound In September
In the days leading up to August 28, the number of active daily Solana users was consistently below 1 million. However, since August 24, the number has suddenly jumped, reaching 1.2 million, 1.5 million, 2 million, and finally peaking at 2.3 million users. The reasons behind the surge in user activity are unclear, as trading volume since yesterday is back down by over 20%. However, spikes in trading volume are known to be catalysts for prices climbing, something Solana holders are waiting on.
Although Solana SOL has had a rather inconsistent August, it is eyeing a notable September surge. Specifically, it may be set to skyrocket with interest rate cuts looking to arrive next month from the Federal Reserve. SOL has already shown a propensity to react positively to Fed decisions. Therefore, bulls are hoping that the asset will climb significantly in September, reclaiming $150 and setting a path toward $200 again.
Also Read: Solana To Break Consolidation Soon Could Peak At $450, Analyst Says
Solana hadn’t sustained a level above the $160 mark since late July when it reached heights of $184. Moreover, September has proven to be a good month for Solana in recent years. It has typically printed a bullish result. In 2022, SOL increased 5% after dropping 25% in that August. In 2023, it increased 8% after a 17% drop. Interest rate cuts could catalyze a bullish Fall season for SOL and all of crypto.