Solana's latest development turns heads; is SOL on the same page?

Solana sees YTD high in smart contracts development with 152 contracts.
SOL leaves the overbought zone as prices continue to decline.

A recent chart revealed encouraging progress in smart contract development within the Solana network. Additionally, glancing at other significant indicators indicated a favorable surge in the platform’s user base, signifying remarkable growth.

Read Solana’s [SOL] Price Prediction 2023-24

More smart contracts on Solana

According to Artemis’ latest chart, Solana experienced a notable upswing in smart contract deployment on its platform. The numbers showcased an unprecedented high year-to-date, with around 152 contracts deployed.

Remarkably, this marked the second occurrence within a mere 30-day period when such a substantial contract deployment was observed. This surge in contract deployment suggested initiating fresh projects on the platform. As new projects emerge, there is a potential for an increase in the user base, transaction volume, and even price trends.

Solana’s active accounts see an increase

Over the previous week, there has been a slight upward trend in the number of active users within the Solana network. As of this writing, the Sol scan data indicated approximately 296,000 active wallets, which fell just short of the peak of over 300,000 observed on 11 July. However, following the peak, there was a subsequent decline in active wallets until the chart showed another rise on 17 July.

Additionally, the scanner data revealed a positive incline in new token accounts. As of this writing, there were over 260,000 token accounts, representing the highest count within the past seven days.

How much are 1,10,100 SOLs worth today

The SOL recovery and correction

Solana has exhibited a blend of price trends throughout the first quarter, yet its overall value has witnessed positive growth. An examination of the daily SOL price trend revealed a remarkable year-to-date increase of over 170%.

However, the recent surge in price appeared to have reached its peak. SOL was trading at approximately $25, experiencing a decline of over 6% in value as of this writing. This decline followed a rapid 22% spike in three days, pushing the price into the overbought zone. Although the recent drop has moved SOL away from the overbought zone, the sentiment remained bullish.