Solana on-chain metrics suggest rising activity and declining fees, supporting bullish outlook


  • Solana on-chain activity shows signs of growth in the last thirty days. 
  • Daily active addresses grow threefold, rising to 3.11 million on Monday. 
  • The number of new addresses on Solana in the first ten days of September is more than half of that registered in  August for the entire month. 
  • Solana network’s average transaction fee is down 68% in the last thirty days. 

Solana (SOL) price could be set for a rally as the altcoin’s on-chain activity has increased significantly in the last thirty days. The Ethereum-competitor chain has observed a steep decline in transaction fees and a rise in daily active addresses, likely driving higher demand for SOL and Solana-based assets among crypto market participants. 

Solana metrics signal growth potential 

Data from Dune Analytics, a crypto intelligence platform, shows that Solana has noted an increase in the daily active addresses. The metric tracks the activity of wallet addresses active on the SOL chain. A rise in active addresses is typically associated with an increase in demand for the altcoin or higher utility among traders. 

SOL daily active addresses have climbed threefold in the last 30 days to 3.11 million, highest level in nearly one year. 

Solana

Daily active addresses in Solana 

Meanwhile, the number of new addresses has also increased significantly. The indicator tracks new wallet addresses created, in this case on the SOL chain, a factor that is associated with rising demand for the altcoin. An increase is often considered a sign of higher adoption. 

Within the first ten days of September, the number of new addresses created stood at 22.88 million, according to Hellomoon data, representing 57% of August’s overall number of new addresses. This shows a fast-paced adoption of SOL among new traders.

Solana

Number of new addresses on Solana 

Traders adopt a chain based on the fees charged when making transfers across the network. Solana’s average transaction fee stands at $0.00520, according to Dune Analytics data, a 68% decline since August 9.

Solana

Solana Average Transaction Fee

At the time of writing, Solana trades at $133.83, down less than 1% on the day. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ripple Price Forecast: Could open interest, buy signals, Coinbase Derivatives-backed XRP futures drive price to $3?

Ripple Price Forecast: Could open interest, buy signals, Coinbase Derivatives-backed XRP futures drive price to $3?

Ripple (XRP) edges higher on Monday, climbing 1.54% on the day to trade at $2.11 at the time of writing. Bulls have shown resilience and determination in the last week, upholding XRP above the $2.00 level.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finally breaks out, ETH and XRP could follow

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finally breaks out, ETH and XRP could follow

Bitcoin's (BTC) price broke above its key resistance level after facing multiple rejections around it the previous week. Ethereum (ETH) and Ripple (XRP) prices are approaching their key resistance levels; a breakout could signal a rally ahead.

Mantra shares buyback and 300M token burn details as CEO commits personal holdings

Mantra shares buyback and 300M token burn details as CEO commits personal holdings

Mantra intensifies recovery efforts following a 90% price crash this week. CEO John Patrick Mullin commits personal holdings to the upcoming burn.

Arizona passes bill to create crypto reserve using public Treasury funds

Arizona passes bill to create crypto reserve using public Treasury funds

Arizona is moving closer to creating a crypto-backed reserve as the state's Strategic Digital Assets Reserve Bill (SB 1373) advances, despite veto threats from the Governor over unrelated funding disputes.

More Cryptocurrencies News
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs 

Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs 

Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries. 

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP