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Solana (SOL) leads October’s crypto recovery, driven by increased user activity, rising transactions, and growing fees.
Solana (SOL) has emerged as a leading performer in the market this October, outpacing both Bitcoin and Ethereum. The altcoin has shown a remarkable recovery from its monthly lows amid rising user activity and significant transactional growth.
Steady Growth in Daily Active Addresses
Per a recent analysis by Miles Deutscher to his 549,000 followers, over the past three months, Solana has witnessed a steady increase in daily active addresses. The metric reached a high of around 3 million active addresses by late August. In early October, the numbers slightly dipped, signaling a brief pause in momentum.
However, active addresses quickly rebounded, reaching 6.2 million at the time of Deutscher’s report.
Rising Daily Transactions
Daily transactions on the Solana network have also shown a parallel rise, indicating heightened activity among users. In early September, transaction counts were relatively low. However, a consistent upward trend emerged through October, with transaction volumes peaking at 45.2 million in tandem with active addresses.
Gradual Increase in Fees
Further, fees on the Solana network have shown a gradual rise, matching the upward trends in transactions and active addresses. By mid-October, total fees had climbed to approximately $2.3 million.
The growth in fees corresponds to the heightened transactional activity, with notable fluctuations seen throughout the period. While the increase suggests a more active ecosystem, the analyst termed Solana as the gambling chip of the AI casino.
Recall that on October 10, a market analyst noted that Solana was trading below its 34-period and 89-period exponential moving averages (EMAs), indicating slight bearish momentum.
Nonetheless, the analyst anticipated a potential breakout when the crypto was trading at around $140. Notably, as of the latest trading data, Solana has reached $170, up over 14% in the last two weeks.