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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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