These three values ​​in the chain indicate a rally for Solana

• Solana chain activity shows signs of growth in the last thirty days.
• Daily active addresses triple to 3.11 million on Monday.
• The number of new addresses on Solana in the first ten days of September is more than half of that recorded in August for the entire month.
• The average transaction fee of the Solana network has dropped by 68% in the last thirty days.

Solana (SOL) price could be set for a rally as the altcoin’s on-chain activity has increased significantly over the past thirty days. Competitor Ethereum chain has seen a steep drop in transaction fees and an increase in daily active addresses, which likely leads to more demand for SOL and Solana assets among crypto market participants.

Solana values ​​signal growth potential

Data from Dune Analytics, a crypto-intelligence platform, shows that Solana has seen an increase in daily active addresses. The value tracks the activity of active wallet addresses in the SOL chain. An increase in active addresses is usually associated with an increase in demand for the altcoin or greater utility among traders.

Daily active SOL addresses have tripled over the past 30 days to 3.11 million, the highest level in nearly a year.

Active daily addresses in Solana

Meanwhile, the number of new addresses also increased significantly. The indicator tracks new wallet addresses created, in this case on the SOL chain, a factor that is associated with increasing demand for altcoins. An increase is often considered a sign of greater adoption.

In the first ten days of September, the number of new addresses created was 22.88 million, according to Hellomoon data, representing 57% of the total number of new addresses in August. This shows a rapid adoption of SOL among new merchants.

The number of new addresses on Solana

Merchants adopt a chain based on the fees charged when making transfers on the network. Solana’s average transaction fee is $0.00520, according to Dune Analytics data, down 68% since August 9.

Solana Average Transaction Fee

At the time of writing, Solana is trading at $133.83, down less than 1% on the day.