Solana continues to demonstrate its robust stance in the wider blockchain sector following a recent significant increase in on-chain activity, with transaction volumes and user engagement soaring across the network. Overall, SOL’s market performance could benefit from this substantial growth, which could indicate continued scalability and network health.
On-Chain Transfer Volume on Solana’s Blockchain at a New Record
A recent one report from Glassnode, a leading on-chain and financial data platform, reveals that Solana has experienced a remarkable increase in network usage. The network’s activity is skyrocketing as on-chain transfer volumes reach new levels, signaling greater demand and broader adoption within the ecosystem.
This increased activity shows that developers and users are becoming increasingly interested in using the network’s low-cost, fast transaction capabilities, among other things. It could also inspire renewed confidence in Solana’s scalability and long-term market potential, further strengthening its position as a leading blockchain network in the dynamic world of cryptocurrencies.
According to the financial platform, the volume of transfers within the chain on Solana has risen dramatically over the past day, reaching a peak of nearly $224 billion. The increase in transfer volume represents almost three times the total market capitalization of SOL in one day, which is currently valued at $76 billion.
Data from Glassnode shows that the notable increase was largely driven by a particular wallet address that saw a lot of activity using multiple accounts. In addition, the platform pointed out that the wallet, which may be a bot used for arbitrage purposes, began to increase the network’s activity and was likely the reason for the increase in the number transaction costs which was much talked about in the community.
As Solana’s on-chain activity continues to improve, investors and traders are keeping a close eye on whether there are more developments happening on the network that could impact the price of SOLwhich will lead to a rally in the coming months.
SOL’s active addresses are reaching a record high despite growing adoption
Active addresses on the Solana Blockchain have also witnessed significant growth alongside the increase in transfer volume in the chain. According to current factsthe number of active addresses reached a record high of 123 million in October, reflecting growth of over 42% compared to September’s performance.
It’s important to note that there were only 12.7 million active SOL addresses at the beginning of this year. This spike was due to an increase in numbers same angle trading, ultimately fueled by recent activity on decentralized exchange Raydium and apps like Pump.fun. Not to be left out are SOL’s growing use for decentralized apps (dApps), Non-Fungible Tokens (NFTs), and gaming, all of which are seeing tremendous traction on the blockchain.
Featured image from iStock, chart from Tradingview.com