Solana network growth surged 124% since September with 1.71M new daily wallets and 4.27M daily active addresses, though institutional ETF outflows offset gains.
Macro & Markets ·
Solana's network activity has accelerated sharply, with daily wallet creation and user engagement climbing significantly since early September. According to recent data, the network has logged a 124% growth surge, adding roughly 1.71 million new wallets daily while daily active addresses grew 58% to approximately 4.27 million. This expansion signals expanding real-world utility on the chain, though SOL itself has recently declined to around $115 per token.
The growth trajectory provides a structural backdrop for bullish longer-term forecasts. Analysts including Martinez have identified a potential cup-and-handle formation on SOL's monthly chart, with a neckline near $295 and a speculative price target toward $2,744 if that level breaks above. Others project a more conservative breakout above $300. However, momentum from institutional capital has faltered: US spot SOL ETFs recorded only $1.30 million in inflows on a single October day, with over $22 million in net outflows so far this month, a sharp reversal from September's $271 million inflow.
Meanwhile, stablecoin adoption on Solana has accelerated independently of institutional ETF flows. More than 14 million addresses now hold stablecoins on the network—a dramatic jump from under 4 million in late 2024—with total stablecoin supply exceeding $15 billion. Whether the divergence between retail activity and institutional capital flows proves temporary or structural remains unresolved.