The daily number of new addresses on the Solana blockchain has reached an all-time high, according to The Block’s Data Dashboard. The daily count of new addresses on the Solana network, based on a seven-day moving average, now stands at over 691,000.

According to Zeta Markets Founder Tristan Frizza, the increased adoption metric signals genuine user activity on the network. It suggests that we’re not only witnessing speculative interest but also that we are poised to see new all-time highs due to this authentic engagement. With Solana already recording more daily transactions than Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its ascent to a top three blockchain by market cap seems inevitable, Frizza said in a note sent to The Block.

Frizza added that Solana has experienced a surge in transaction volumes on DEXs, consistently surpassing the $2 billion daily trading threshold since early March.

With bitcoin reaching new all-time highs several times in the past week, similar movements for ether and Solana are anticipated, driven by capital rotations in the markets, the Zeta Markets Founder said. However, Frizza noted that Solana is still significantly below its all-time high of $260 reached in November 2021.

The spike in new Solana addresses comes as the price of SOL has rallied by over 12% in the past seven days, according to The Block's Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 3.57% to 157.54 in the past 24 hours.