Solana appears to be pulling in users at a much faster rate. Since early September, network growth has risen 124%, with about 1.71 million new wallets being created each day.
Activity is rising too.
Network Growth Accelerates
According to Santiment’s latest findings, daily active addresses are up 58% over the same period, having reached around 4.27 million unique wallets. In other words, more people are not just creating wallets but actually using the network. The growth gives SOL a stronger long-term case if the trend continues.
Santiment explained,
“Networks that attract more users and real utility have historically had greater potential to support higher market caps over time. If Solana keeps expanding its active user base, rising network value can eventually follow.”
At the time of writing, SOL is trading near $115 after a fresh 3% decline over the past day. The crypto asset broke its own channel support on the four-hour chart after a rejection near $120 this week. The breakdown has put $114 in focus. If that level fails, Ali Martinez believes that $111 could be next. According to trader ‘Wick,’ on the other hand, corrections can become opportunities.
Long-term projections remain firmly bullish. Tracer has projected a break above $300 during the bull market. Martinez is even more optimistic. He pointed to a possible cup-and-handle pattern on SOL’s monthly chart, with the neckline around $295. A monthly close above that level could strengthen the setup. Interestingly, the pattern points toward a potential target near $2,744.
Institutional Demand Takes a Hit
The institutional side of things has slowed down. September was a strong month for US-listed spot SOL ETFs, which collectively pulled in more than $271 million, making it their second-best month so far. October, however, has started on a very different note. The funds have seen just one day of inflows, with only $1.30 million entering on October 2. So far this month, more than $22 million has flowed out of these investment vehicles.
Separately, Solana’s stablecoin activity is hitting new highs as the network pushes further into institutional settlement. More than 14 million addresses now hold stablecoins on Solana, according to the data compiled by Blockworks. That’s a big jump from fewer than 4 million in late 2024.
The network now has over $15 billion in stablecoin supply.
The post Solana Network Growth Jumps 124%: Here’s Why It Could Matter for SOL appeared first on CryptoPotato.
Source: https://cryptopotato.com/solana-network-growth-jumps-124-heres-why-it-could-matter-for-sol/
