Solana Tops Active Wallets with 99% Month-over-Month Surge

Solana continues to gain momentum as Nansen data reveals a significant increase in monthly active addresses.

Solana astraunaut on a different planet with his coins, and a little alien is watching him closely from a distance.
Created by Kornelija Poderskytė from DailyCoin
  • Solana has experienced numerous positive developments since Q4 2023.
  • On-chain metrics show a surge in active addresses in December 2023.
  • The rising price of SOL reflects the uptick in positive developments.  

Solana has made significant strides in distancing itself from disgraced former FTX CEO Sam Bankman-Fried (SBF). Solana has experienced numerous positive developments in its rebranded state, including surging network activity and developer retention rates. In a continuation of form, data from Nansen reveals that Solana now ranks as the leading chain for active addresses.

Solana Active Addresses Surge in December 2023

According to blockchain analytics firm Nansen, Solana took the top spot for monthly active addresses for December 2023, growing 98.9% from the previous month to 13.9 million active addresses.

Trailing just behind Solana was BNB Chain, which saw 13.7 million active addresses in December, which equated to a 50.1% month-over-month growth. TRON took the third spot with 10.8 million monthly active addresses, falling 14.6% from November.

Nansen defines a monthly active address as the number of unique addresses that executed at least one on-chain transaction during the period, making this metric an indicator of overall scale and user adoption across different blockchains. 

Monthly active addresses by blockchain per Nansen.
Monthly active addresses for December 2023, per Nansen.

The spike in active users on Solana has coincided with a marked recovery in the price of its SOL token, signaling renewed investor confidence.

SOL Token Soars

The Solana token has posted a marked recovery since recording a $17.67 local bottom in mid-September 2023. Since then, SOL has edged higher culminating in a sharp rise before Christmas that peaked at $125.96 on December 25, 2023, to print a 93-week high. 

Following the Christmas Day local top, SOL has been trending downwards with the zone around $85 providing support on January 3 and 8. SOL has not been immune to the post-Bitcoin ETF wider market downturn, but its over 300% growth since the start of Q4 2023 suggests strong favorable market sentiment.  

Solana daily chart showing ggrowth since Q4 2023, per Trading View.
SOLUSD daily chart on Trading View.

On the Flipside

  • Nansen’s monthly active addresses chart is incomplete, covering only “Nansen-supported chains.”
  • Bitcoin active addresses tallied 19.7 million for October 2023.
  • Messari noted significant Solana ecosystem growth and development in Q4 2023, including rising DEX volumes and a spate of new DeFi protocol rollouts.

Why This Matters

Solana has seemingly shaken off its association with SBF and signaled its potential to become a dominant layer 1 platform. With a wave of positive developments, including the strong uptick in active addresses in December 2023, the chain is poised to see a further explosion of new projects, applications, and usage in 2024.

Read more on the spate of wallet drainer attacks affecting Solana users here:
Wallets Drainers Plague Solana to Siphon Over $4M in 30 Days

Find out what David Schwartz had to say on the recent Bitfinex-XRP Ledger exploit attempt here:
 Ripple CTO Sets Record Straight After Failed XRP Hack

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.