Solana Blockchain Records All-Time High of New Daily Addresses
Solana (SOL) is currently witnessing a remarkable surge in new addresses, reaching an all-time high. The latest 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 surpassed an impressive 691,000.
This surge in adoption is regarded as a positive indication of genuine user engagement on the network, according to Tristan Frizza, Founder of Zeta Markets. Frizza suggests that the increase in new addresses signifies more than just speculative interest, hinting at the potential for Solana to achieve new all-time highs.
Frizza points out that Solana is already outperforming other major blockchains in terms of daily transactions, surpassing Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined. He predicts that Solana’s market cap will continue to rise, potentially placing it among the top three blockchains.
Solana’s Decentralized Exchanges Report Consistent $2 Billion Daily Transaction Volumes
In addition to the surge in new addresses, Solana has experienced a substantial increase in trading volumes on decentralized exchanges (DEXs). These volumes have consistently exceeded $2 billion daily since the beginning of March, as reported by Frizza. He attributes this surge to the recent upward movement in Bitcoin’s value, leading to shifts in market capital.
Solana’s Price Performance and Market Outlook
Despite the recent 12% price rally, SOL’s value remains notably below its peak of $260 achieved in November 2021. Over the past seven days, SOL has witnessed a price increase of more than 12%, reflecting the prevailing optimism in the cryptocurrency sphere.
Furthermore, the GM 30 Index, monitoring the performance of the top 30 cryptocurrencies, has registered a 3.57% increase in the past 24 hours, signaling a broader bullish trajectory in the market.
