Transfer fees, which continue to rise in Bitcoin and Ethereum, one of the largest blockchain networks, have directed users who send and receive cryptocurrencies to the Solana network.
According to the chart shared by crypto tracker The Block, the average of weekly active wallets on Solana has exceeded 300 thousand. This figure is the highest level seen since June 2022 when the crypto market faced deep selling.
According to on-chain data, the number of new addresses created on the SOL network for the first 15 days of May was above the entire last month. While 3.75 million addresses were opened on Solana in April 2023, this figure is around 4.19 million as of May.
Unlike Solana, the number of active wallets in the Bitcoin network is at its lowest since July 2021.
Cryptocurrency expert Rebecca Stevens emphasized that since the beginning of May, there has been a serious increase in Ethereum transfer fees. According to the analyst, users who do not want to pay high fees turned to alternatives such as Solana and Polygon.
LEFT Price
SOL, the native token of Solana, Ethereum's largest rival network, has been flat since the beginning of the year.
For Solana, which is fluctuating in the $27.25 – $18.31 range, the $19.90 level acts as an important support in the short term.