Blockchain News

Solana Daily Active Users surge: How will it Affect SOL’s Performance in 2023?

According to Token Terminal data, the Solana [SOL] network has seen a significant increase in daily active users in recent weeks. Despite the recent negative sentiment surrounding Solana, the platform outperformed many other cryptocurrencies in terms of user engagement.

The growing interest in Solana’s DeFi and NFT spaces is one reason for this increase in daily active users. Solana’s DeFi daily active users, in particular, increased over the last month, contributing to growth in terms of Solana’s total value locked (TVL).

According to DeFiLlama, Solana’s TVL increased from $206 million to $242.77 million in a single month.

Solana NFTs have also been gaining popularity. The network’s NFTs are being bought, sold, and traded at an increasing rate, according to Solana Floor Data. The total floor value of Solana NFTs has increased significantly over the last month, as shown in the charts below. During the same time period, the volume of Solana NFTs traded increased.

Furthermore, dApp activity on the network increased rapidly, contributing to the increase in daily active users. Popular dApps like Magic Eden, Raydium, and Saber all saw an increase in the number of unique active wallets on their respective platforms.

Magic Eden, one of the most popular dApps on the Solana network, has seen an increase in volume and transactions. Magic Eden’s volume increased by 21.12%, and the number of transactions increased by 73.15%, according to Dapp Radar.

Positive indicators are reflected in Solana’s on-chain activity, which has increased significantly in recent weeks, according to Santiment data. In just one month, the network’s volume increased from $206 million to $1.45 billion, indicating increased market activity and liquidity.

While the price of SOL was $16.20 at press time and had fallen by 1.31% in the previous 24 hours, the Solana network’s long-term growth prospects appeared promising due to an increase in daily active users, increased interest in DeFi and NFTs, and increased dApp activity.


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