Solana registers all-time high in daily new addresses

Markets • March 11, 2024, 2:23PM EDT

Published 1 minute earlier on

The Block Illustration by Iris Cho for The Block

Quick Take

Daily new addresses on Solana have reached an all-time high, according to The Block’s Data Dashboard.
The increased network engagement could potentially see Sol reach a new all-time high, according to an analyst.

The daily number of new addresses on the Solana blockchain has reached an all-time high, according to The Block’s Data Dashboard. The daily count of new addresses on the Solana SOL -5.73% network, based on a seven-day moving average, now stands at over 691,000.

According to Zeta Markets Founder Tristan Frizza, the increased adoption metric signals genuine user activity on the network. "It suggests that we’re not only witnessing speculative interest but also that we are poised to see new all-time highs due to this authentic engagement. With Solana already recording more daily transactions than Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its ascent to a top three blockchain by market cap seems inevitable," Frizza said in a note sent to The Block.

Solana transaction volume increases

Frizza added that Solana has experienced a surge in transaction volumes on DEXs, consistently surpassing the $2 billion daily trading threshold since early March.

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"With bitcoin reaching new all-time highs several times in the past week, similar movements for ether and Solana are anticipated, driven by capital rotations in the markets," the Zeta Markets Founder said. However, Frizza noted that Solana is still significantly below its all-time high of $260 reached in November 2021.

The spike in new Solana addresses comes as the price of SOL has rallied by over 12% in the past seven days, according to The Block's Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 3.57% to 157.54 in the past 24 hours.

The price of SOL, the native cryptocurrency of the Solana network has rallied by over 12% in the past week. Image: The Block.

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About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].