solarium continues to demonstrate its strong stance in the broader blockchain sector following a recent significant increase in on-chain activity, with transaction volumes and user engagement increasing massively across its network. Overall, SOL market performance may benefit from this substantial growth, which could indicate persistent network scalability and health.
On-Chain Transfer Volume on Solana Blockchain Hits New All-Time High
A recent x.com/glassnode/status/1853495363417628990″ target=”_blank” rel=”noopener nofollow”>report from Glassnode, a leading global on-chain and financial data platform, reveals that Solana has seen a notable increase in network use. Network activity skyrockets as its on-chain transfer volumes reach new levels, suggesting greater demand and acceptance within the ecosystem.
This increase in activity shows that developers and users are increasingly interested in utilizing the network's high-speed, low-cost transaction capabilities, among others. It could also generate renewed confidence in Solana's long-term scalability and market potential, further cementing its position as a leading blockchain network in the dynamic world of cryptocurrencies.
According to the financial platform, the chain transfer volume in Solana increased dramatically last day, reaching a high of almost $224 billion. The increase in transfer volume represents almost 3 times SOL's overall market capitalization in a single day, which is currently valued at $76 billion.
Data from Glassnode shows that the notable increase was mainly due to a particular wallet address with a lot of activity using multiple accounts. Furthermore, the platform noted that the wallet, which could be a bot used for arbitrage purposes, began to increase network activity and was likely the reason for the increase in transaction fees that was widely discussed in the community.
As activity on the Solana chain continues to improve, investors and traders are closely watching further developments on the network that could impact the price of SUNwhich will cause a rebound in the coming months.
SOL Active Addresses Hit Record High Amid Growing Adoption
Active addresses in the solana blockchain They have also witnessed significant growth along with the increase in the volume of on-chain transfers. According to the current x.com/kyledoops/status/1853459714182631920″ rel=”nofollow” target=”_blank”>dataThe number of active addresses in October reached a record 123 million, reflecting a growth of more than 42% compared to its performance in the month of September.
It is important to note that at the beginning of the year there were only 12.7 million active SOL addresses. This peak was due to an increase in same corner trading, ultimately driven by recent activity on the decentralized exchange Raydium and apps like Pump.fun. The increasing use of SOL for decentralized applications (dApps), non-fungible tokens (nfts) and games, which are seeing great traction on the blockchain, is not excluded.
Featured image from iStock, chart from Tradingview.com
