Solana: The Most Active Blockchain In Web3

While the memecoin season was thought to be over on Solana, a new series of frenzied token launches is reigniting network activity. This comeback shows that Solana will likely replicate the success of the previous cycle and remain a reliable asset in Web3.

Solana’s Activity Surpasses Ethereum

For more than a year, the Solana blockchain has been experiencing a true resurgence, and the dark days following FTX are now far behind. The memecoin season has indeed revived blockchain activity in 2024. Moreover, the announcement of SOL’s integration into the U.S. Federal Reserve triggered a rise in this cryptocurrency, with unprecedented network revenues. While SOL was under ten dollars in December 2022, the $250 resistance level was surpassed for the first time in November 2024.

While many networks struggle to attract users, the Solana network has seen an increase in its activity in recent weeks.

The Solscan site shows that the number of regularly active addresses is gradually returning to early-year figures. By mid-May, the network reached 5.5 million active addresses in 24 hours. This is far from the records of fall 2024. Solana reached a record of 123 million addresses in October. Since then, many users have left Web3 due to the market crash this winter.

A Return of Memecoins

Initially known for NFT collection launches, the Solana blockchain has become the flagship network for memecoins since the launch of the Pump.fun application. This resurgence in activity in this sector is not insignificant. In reality, the Pump.fun app, which allows creating and launching a token in just a few clicks, launched a new feature on May 12. Platform revenues are redistributed 50% to token creators. Each trade allows creators to earn 0.05% of the trade value. For example, a creator earns $5000 for a $10 million trade. To be eligible for this redistribution, however, the token must still only exist on Pump.fun. This condition favors the creation of new tokens.

Thanks to this innovation, the network remains by far the leader in token creation. Aggregated data on Dune Analytics shows that the Solana blockchain accounts for more than two-thirds of new tokens. This new memecoin season does not have a particular theme. It differs from those of 2024 with AI Agents or tokens bearing the names of personalities following the launch of TRUMP and MELANIA tokens. This new hype is therefore likely to be short-lived. However, it demonstrates that the Solana network is still capable of supporting very high activity while keeping transaction fees very low.

A New Bullish Rally for SOL?

The one-year price analysis of SOL shows a vitality that few altcoins possess. Unfortunately, most of them have benefited little from BTC’s rise. On the contrary, SOL’s price was strongly correlated with BTC’s price until January 2025. Since the All-Time High (ATH) of $257 on January 19, SOL experienced a significant drop to approach $100 in April. It fell much more sharply than BTC. Since then, SOL has gained over 50% to reach $167 today.

However, a quick comparison with some altcoins shows that SOL is one of the most resilient assets in the market. ETH, for example, was much more severely affected by the market decline this winter. Only its recent significant increase allows it to recover some of its losses. Similarly, AVAX and TON have been more heavily affected by the market decline without managing to regain an upward trend in recent weeks.

Among altcoins close to SOL in market capitalization, only ADA and XRP outperform SOL over one year. TRUMP’s election caused their prices to jump, but closer analysis shows they have been correlated with SOL for the past month.

Once again, the Solana blockchain proves it is an essential alternative to Ethereum. Although it is less popular with institutional investors, it remains the central blockchain for memecoins. However, the deployment of Chainlink’s CCIP on Solana, offering interoperability that enjoys the trust of the banking and financial sector, could attract new players.