Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
SOL Solana network growth accelerates: The logic behind the surge in users
Solana seems to be attracting users faster. Since early September, its network growth rate has soared by 124%, with an average of 1.71 million new wallet addresses added per day. At the same time, Internet activity is also rising significantly.
According to the latest data from Sanitation, the number of daily active addresses increased by 58% during the same period to approximately 4.27 million unique wallets. This means that more and more users are not only creating wallets, but also actually using the Solana network. If this trend continues, it will provide stronger support for the long-term value of SOL.
Sanitation pointed out: "Historically, networks that have attracted more users and generated real utility often have the potential to support higher market capitalizations in the long term. If Solana can continue to expand its active user base, the ensuing increase in network value will be a natural result."
Market Trend and Long-term Forecast
As of press time, SOL prices were trading around US$115 after a slight decline of 3% over the past day. This week, the asset fell below channel support on the four-hour chart after encountering resistance around $120, making $114 a key focus. Analyst Ali Martinez believes that if this support level falls, the next potential support level may be $111. However, trader "Wick" takes a different view, believing that the current correction may breed new opportunities.
Despite the uncertainty of short-term fluctuations, the long-term outlook is generally optimistic. Tracer predicts that SOL is expected to exceed the $300 mark during the bull market. Martinez is more optimistic, pointing out that a "cup handle pattern" may appear on the SOL monthly chart, with a neckline of about $295. If the monthly closing can be achieved above this level, the effectiveness of this technical form will be further confirmed. Interestingly, this pattern points to a potential target price of as high as $2,744.
Slowing institutional demand and the rise of the stablecoin ecosystem
At the institutional level, the momentum of capital inflows has weakened. September was a strong month for U.S. -listed spot SOL ETFs, with total net inflows exceeding US$271 million, setting the second-best monthly record for the series. However, October started differently. As of now, these funds have only recorded one-day inflows, with a net inflow of only US$1.3 million in a single day on October 2. More than $22 million has flowed out of these investment vehicles so far this month.
Meanwhile, Solana's stablecoin activity is hitting new highs, demonstrating the network's further penetration into institutional clearing. According to data compiled by Blockworks, there are currently more than 14 million addresses holding stablecoins on the Solana network, a significant jump from the level of less than 4 million at the end of 2024. Currently, the supply of stablecoins on Solana's network has exceeded the US$15 billion mark.
