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- Solana has achieved a remarkable milestone, with monthly new addresses surpassing 11.81 million in January.
- The uptick in network activity could be a precursor to a price change in its native token, SOL.
The Solana network has witnessed a remarkable uptick in new monthly addresses. According to Block’s data dashboard, the blockchain has recorded an 18% increase in new addresses. After setting a multi-month high in December when new addresses increased by 10 million, the blockchain has topped this, adding another 11.81 million in January.
The uptick in network activity could be a precursor to a price change in its native token, SOL. Interestingly, the last all-time high of unique new addresses to transact on the Solana network was in May 2022, when the count reached 11.72 million.
The uptick in new addresses coincides with investor interest in native DEXs and memecoins like Wen and Bonk. Additionally, the launch of Jupiter, the network’s largest decentralized exchange aggregator, on the last day of the month could have made a significant impact on the network.
As CNF reported, the network has seen its transactions nearly double at the start of the month. Transactions per second (TPS), which was initially at 1,900, has increased to more than 3,000. This massive change was recorded in minutes, not long after the Jupiter airdrop kicked off.
At the time of writing, Solana’s native token, SOL, has in the past 24 hours recorded a marginal drop in change to trade at $95. On the weekly chart, the token has gained nearly 1.5% as the wider crypto market stages a recovery led by Bitcoin (BTC).
Bitcoin, which is leading the market, has breached $43,500 as it looks to retest its year high of $49,000, reaching the height of the Bitcoin spot ETF approval. At the time, driven by the hype, SOL marked a year-high of $105. This is a level that SOL investors will look to retest and surpass in the short term.
In the long term, investors are optimistic that the altcoin can revisit its all-time high of $259.96, reached nearly two years ago. At current prices, the token is only 62.4% below this level. Promoting this bullish outlook is the potential for a Solana spot ETF.
Following the approval of a Bitcoin spot ETF, experts anticipate the approval of more crypto ETFs, with SOL leading the race. This is partly due to its popularity among institutional investors, emerging as the favorite in 2023.
The general bullish outlook of the crypto market based on the upcoming Bitcoin halving will also play a key role in the performance of top cryptocurrencies such as Solana.
A prominent analyst and ex-Goldman Sachs executive, Raoul Pal, has in the past shared critical insights and analysis into the crypto market. He has been a believer in Solana and predicted SOL will copy the price pattern set by Ethereum (ETH) in 2018.
In May 2017, ETH was trading at a little over $100. By the end of 2017, Ether had reached a value of $774.69, and within the first week of 2018, it crossed the $1000 mark.
