- Solana records an all-time high of over 691,000 new daily addresses.
- Transaction volumes on Solana’s decentralized exchanges consistently exceed $2 billion daily since early March.
- Despite a recent 12% price rally, Solana’s value is still notably below its November 2021 all-time high of $260.
Solana (SOL) is experiencing a surge in new addresses, hitting a record high. Data from The Block’s Data Dashboard reveals that the daily count of new addresses on the Solana network, based on a seven-day moving average, has exceeded 691,000.
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This increase in adoption is seen as a sign of genuine user engagement on the network, according to Tristan Frizza, Founder of Zeta Markets. Frizza believes that this uptick in new addresses indicates more than just speculative interest, suggesting that Solana is on track to achieve new all-time highs.
He points out that Solana is already outperforming other major blockchains in terms of daily transactions, including Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined. Frizza predicts that Solana’s market cap will continue to rise, potentially propelling it into the top three blockchains.
Moreover, Solana has witnessed a substantial surge in trading volumes on decentralized exchanges (DEXs), consistently surpassing $2 billion daily since the onset of March. Frizza attributes this surge to the recent upswing in Bitcoin’s value, which has prompted shifts in market capital.
Despite this recent upsurge, SOL’s price remains below its peak of $260 achieved in November 2021. Over the past seven days, SOL has experienced a price hike of more than 12%, reflecting the prevailing optimism in the cryptocurrency sphere. Additionally, the GM 30 Index, monitoring the performance of the leading 30 cryptocurrencies, has also registered a 3.57% increase in the past 24 hours, signaling a broader bullish trajectory in the market.
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