Solana has recently seen declines in some key metrics, with Tron Dao gaining ground.
- Tron had a daily active address volume of over 2 million. For Solana, the number remained under 1 million.
Tron [TRX] network has recently surpassed other platforms, including Solana [SOL], in daily active addresses.
Additionally, analysis of their respective native tokens indicates that TRX has recently exhibited a more favorable trend than SOL.
Tron leads Solana in active addresses
According to recent data from Coin98 Analytics, Tron Dao has again taken the lead as the platform with the most daily active users for the month.
The chart displayed over 2.4 million daily active users, marking a significant 50% increase compared to the previous month.
Conversely, Solana ranked fifth with a user count below 1 million. Analysis of Solana’s daily active addresses revealed a figure exceeding 854,000, notwithstanding the notable volume of NFT activities on the platform.
However, when examining their Total Value Locked metrics, Solana appears to be exhibiting a more favorable trend despite Tron boasting a larger TVL.
Solana sees more TVL recovery than Tron
According to data from DefiLlama, Tron and Solana have Total Value Locked (TVL) figures of $8.3 billion and $4.3 billion, respectively. TRX’s TVL nearly doubles that of SOL.
However, upon further analysis of their TVL trends, it becomes evident that SOL has recently shown a more positive trend in TVL than TRX.
The chart indicated that both TRX and SOL experienced sharp downtrends around April. However, SOL’s TVL appeared to recover more quickly, with observable uptrends.
In contrast, TRX exhibited more pronounced downtrends, which persisted at the time of this writing.
TRX and SOL see contrasting price trends
The analysis of the Solana (SOL) and Tron (TRX) price trends over the last six days reveals contrasting patterns.
TRX’s price has shown consecutive uptrends since the 7th of May, with only a brief halt due to a minor decline on the 11th of May. The price rose from around $0.120 to $0.126 during this period.
At the time of writing, its price had increased by around 0.16%.
Source: TradingView
On the other hand, SOL experienced consecutive declines on the 7th and the 8th of May, resulting in a loss of over 7% of its value and a drop to around $142.
However, it witnessed a significant, over 7% increase, on the 9th of May, bringing its price back to around $152.
Subsequent declines followed, with SOL trading at around $144 at the time of writing, representing a 0.3% decline.
Source: TradingView
From these charts, if the positive price trend of TRX continues, the number of daily active addresses may increase.
Conversely, if the price of SOL continues to drop, it could further impact the number of daily active addresses on the platform.
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