According to data, the Solana blockchain broke a new record in the number of new addresses per day. The seven-day moving average of the daily number of new addresses on the Solana network is currently above 691,000 and is at an all-time high.
Tristan Frizza, founder of Zeta Markets, suggests that this increased adoption metric points to real user activity on the network. “Not only are we witnessing speculative interest, but we are poised to see all-time highs thanks to this genuine interest,” Frizza said.
Solana has already surpassed Ethereum, Arbitrum, Optimism, BNB Chain, Tron and Avalanche in terms of daily transactions.
Frizza also noted that Solana has seen an increase in trading volumes on Decentralized Exchanges (DEXs), consistently exceeding the $2 billion daily transaction threshold since early March.
However, it is important to note that Solana is still significantly below the all-time high of $260 reached in November 2021. During the FTX crisis, the price of SOL dropped to $8, hitting the bottom, as the bankrupt exchange openly supported Solana and owned a large amount of SOL. At the time of writing this article, SOL is trading at $147.
*This is not investment advice.