Solana (SOL) Eyes Big November After Record-Breaking 120M Active Addresses

Solana (SOL) has been climbing steadily over the past month, sparking excitement among market participants who are anticipating a more upward trend for the asset. 

The network saw its highest-ever monthly number of active addresses surpassing 120 million last month. 

A New High

According to data from The Block, the number of unique addresses that signed transactions across Solana surged to over 123 million in October. This metric represents over a 42% increase from September’s figure.

Solana began the year with about 12.7 million active addresses. However, increased traction saw activities on the network surge significantly.  A recent study shows that of the 220 million addresses that interacted with a blockchain in September, Solana accounts for 100 million active addresses.

Additionally, the total share of founders who are either building on Solana or interested in doing so grew from 5.1% to 11.2% this year. These metrics suggest a continuous influx of fresh participants entering the Solana ecosystem. 

Moreover, it signifies the growing popularity of the network among market participants. Solana’s speed and lower transaction cost have made it more attractive to users when compared to its competitors, including Ethereum.

“While Ethereum and Layer-2 solutions remain crucial to the broad DeFi landscape, Solana’s low-fee, high-performance network is pulling in users who need fast, affordable transactions. For high-frequency or smaller trades, Solana’s structure is ideal, as Ethereum’s fees often eat into profits,” Justin D’Anethan, head of business development at APAC of Keyrock said. 

Driven by Memecoins Activities 

Analysts attributed Solana’s recent surge in activity to the increasing popularity of memecoin trading on the network. Platforms like the memecoin generation app Pump.Fun and the decentralized exchange Raydium have both experienced strong activity over the past months.

DefiLlama data shows that Pump.Fun had a monthly revenue of over $30.5 million in October, while Raydium saw over $30 billion worth of trade volume during the month. 

With developments like these, some crypto analysts believe this momentum could continue pushing SOL upward. The asset has risen by 14.1% in the past month. At press time, SOL exchanged hands at $164.82, representing a 0.99% increase in the last 24 hours.