A wallet staked 19,875 SOL ($3.5M) for long-term gains, signaling confidence in Solana’s ecosystem and staking rewards.
Solana leads with 7 M+ daily active addresses and 90 M+ transactions, showcasing its dominance in DeFi and Web3 innovation.
Bullish market mood, growing usage, and staking momentum all contributed to SOL's price spike from $135 to $185.
After withdrawing 20,009 SOL, or around $3.53 million, from Binance, a newly created wallet immediately staked 19,875 SOL, or $3.5 million. The wallet also moved 134 SOL to a different address, raising the total staked assets to 9,270.4 SOL, or $1.6 million. These transactions highlight a clear intent to leverage staking for long-term gains, with the majority of funds now locked in Solana’s ecosystem.
https://twitter.com/OnchainLens/status/1926508322414383367
Further analysis of blockchain data shows this wallet's connection to Binance, which transferred over 20,000 SOL in multiple transactions. Solana’s staking mechanics appear to have influenced this move, as staking rewards incentivize large holders to secure the network. This staking-focused activity reinforces Solana’s growing appeal among institutional and retail investors.
Solana's Blockchain Outpaces Competitors
Solana is still dominating the cryptocurrency field in daily and transactional active addresses. Daily active addresses have reached volumes above 7 million, which is higher than Ethereum's 2.5 million to 4 million average. The number of transactions for Solana fluctuates between 90 million and 120 million on a daily basis, outweighing Ethereum and others such as Polygon and Sui, with an average of less than 5 million transactions daily.
This heightened activity is concurrent with the heightened adoption of Solana-based apps, fueled by its low transaction fees and fast processing. Analysts attribute this growth to one of the primary drivers of the heightened staking activity, as investors look to capitalize on Solana's growing ecosystem benefits. The greater number of users positions Solana as a contender to be reckoned with in decentralized finance (DeFi) and Web3 technologies.
Price Surge Reflects Bullish Market Sentiment
Ongoing market action substantiates Solana's bullish push, in which its price moved from $135 early in May to more than $185 mid-month. CoinMarketCap statistics show that the price action of Solana has been characterized by spectacular increases and periodic corrections, registering increased market volatility. The overall uptrend, upheld by increasing lows, suggests growing investor confidence in the future of the blockchain.
Chart patterns reveal a rising wedge on Solana’s 3-day timeframe, often indicative of a continued upward movement. Analysts on X predict that $SOL could approach the wedge’s upper boundary, signaling potential for further price increases. This trend, combined with growing staking interest, underscores Solana's resilience amid broader market fluctuations.
Strategic Implications of SOL Staking Growth
Staking activity on Solana demonstrates the network’s ability to attract significant capital inflows. Wallet data shows total staking valued at over $1.6 million, highlighting the blockchain's utility as a value-preserving mechanism. With staking rewards and price momentum reinforcing each other, Solana's staking model remains a central source of its long-term appeal.
The rising activity levels and growing user base of the ecosystem are a reflection of its growing visibility in the cryptocurrency space. As the network continues to grow, Solana's mix of high performance and user incentives continues to be a differentiator among peers.
The post Solana Wallet Stakes $3.5M as Active Users and Transactions Hit Record Highs appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
