Nansen data shows that Solana's weekly active addresses reached 27.1 million, a week-on-week increase of 56%, leaving BNB Chain and Tron behind. The numbers are impressive, but they need to be dissected.
515 million weekly trading volume, TVL increased from 8 billion to over 9 billion, DEX annual trading volume of 1.5 trillion USD—these figures support the narrative of Solana as the 'King of L1'. The supply of stablecoins has doubled to 14.8 billion USD, indicating that funds are being locked on-chain.
However, the timing of the surge in active addresses is quite delicate: expectations of airdrops, meme coin speculation, and a concentrated period of incentive activities. When ETF assets exceed 1 billion USD and Forward Industries holds 690,000 SOL, how much of the on-chain activity is from real users, and how much is funds preparing for liquidity exits?
$SOL rebounded 25% from its December low to $145, and technical indicators point to $185. The real question is: when the points game ends, how many users can this chain retain?
