Solana's On-Chain Activity Raises, But SOL Price Yet To Pump: Here's Another Project To Watch Out For

• Solana’s on-chain activity is rising, with a surge in active wallets and transactions.
• However, the SOL price has yet to experience a big pump this year.
• The RECQ meme coin project and its Rebel Satoshi Arcade could be one to look out for

Solana (SOL) had a great run in late 2023, running from lows of around $15 to $200, but it has actually failed to deliver big gains since then. 

Despite this, Solana remains the fifth-largest cryptocurrency by market capitalization. In this article, we’ll examine Solana’s on-chain activity and try to analyze potential indicators for its future performance. 

Additionally, for those seeking alternatives beyond the largest caps, we’ll talk about a new meme coin that could potentially be one of the best cryptos to buy now.

Solana’s Active Wallets Pump

According to data from Solscan, the number of active wallets on the Solana network is growing in June. On June 12th, the number of active wallets surpassed 1.2 million, marking the highest single-day figure since mid-March. 

It's worth noting that in March, we witnessed a huge market pump and we are not in those kinds of conditions right now. This surge in active wallets is therefore important as it suggests an increasing number of users interacting with the Solana ecosystem.

Furthermore, the number of transactions on June 13th was nearly 40 million, again the highest in the last three months. 

But what does thai mean exactly? Well, a high number of transactions can indicate increased adoption and usage of the network.

On-chain activity is a crucial metric as it reflects the real-world utilization and demand for a blockchain network. Sustained growth in active wallets and transaction volume typically signifies a healthy and vibrant ecosystem.

Some hope for SOL holders after a sluggish price performance this year.

SOL price analysis

At the time of writing, the SOL price is trading around $146. However, it has experienced a 14% decline this week. While SOL hit a yearly high of $202 in early January, it has failed to revisit this level, even during the mid-March market mania. The all-time high for SOL stands at around $250, reached during the 2021 bull run.

According to Jelle, an analyst, SOL’s price action deviated from the pattern observed in February and March. 

In fact, SOL has failed to sustain the previous support levels and encountered rejection when attempting to regain those levels. Jelle expressed that a decline towards the $140 mark would not be surprising for SOL.

On the other hand, Crypto Rover remains optimistic, predicting that SOL’s price will reach $1,000 during this bull run. This is roughly 7x from current levels.

Is RECQ one to look out for? 

RECQ, currently in stage 2 of its public presale, has already seen over 53 billion tokens sold. The current price is 0.0044 USDT, with the next stage priced at 0.0055 USDT and the launch price set at 0.0125 USDT.

RECQ is one of the two tokens in the Rebel Satoshi ecosystem.

It serves as the base utility currency within the Rebel Satoshi ecosystem and is designed for various purposes such as fees, transactions, rewards, and access to the Rebel Satoshi blockchain. 

The other token, RBLZ, acts as a membership token, granting holders exclusive benefits and governance rights within the community. This one also had a successful presale and is already live on Uniswap and Dextools.

The core of Rebel's ecosystem is the arcade that will feature a variety of games that players can enjoy. This includes classic arcade games that aim to revive the nostalgia of retro gaming, free-to-play games, pay-to-play games where players can invest RECQ tokens, and play-to-earn games where players can earn RECQ tokens or other rewards. 

Additionally, the arcade plans to introduce battle games, likely involving player-vs-player (PvP) or player-vs-environment (PvE) combat mechanics. Some specific game titles mentioned include Rebel Satoshi: God Save The King, Rebel Run, and Recusant Reckoning.

What's also positive is that Rebel Satoshi has over 24k followers on Twitter and their team keeps the account active.

All in all, RECQ could be the next meme coin to watch due to its utility, which is rare in the meme coin sector.

Conclusion

To sum it up, Solana’s on-chain activity, particularly the surge in active wallets and transaction volume, is a positive sign for SOL holders, However, the SOL price has yet to make them happy this year due to a slow price action. Some analysts (such as Crypto Rover) remain fairly optimistic that Solana's run is still not over in this bull cycle.

For everybody who wants to research beyond the largest cryptos, the RECQ meme coin project and its upcoming Rebel Satoshi Arcade could potentially be an option. However, this is an early-stage meme project, so only time will tell whether RECQ could become an important player in this arena.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.