Solana (SOL) New Addresses Jump 33% Since September 1, Outpacing Ethereum

New Addresses Up 33% Since September 1

Solana (SOL) has pulled away from its closest rivals on the measure that tracks new users most directly: the creation of fresh accounts. Data published on Wednesday, October 7 by on-chain analytics firm Santiment, released on its official X account, shows that new addresses on Solana have climbed 33% since September 1. Over the same window, the Solana (SOL) price gained 20%, so first-time participation outgrew the token's market value by a wide margin. That gap matters because a new address is usually opened by someone setting up a wallet address for the first time, which makes the count a rough proxy for arrivals on a network rather than for existing capital rotating between spot trading venues. Santiment, a research platform that tracks on-chain activity and investor behavior across major networks, placed these adoption figures side by side with price performance for three chains. The result put Solana (SOL), the altcoin regularly ranked among the largest digital assets, first on user growth while its 20% rally ranked only second on price among the group. The five-week span runs from September 1 through the start of this week. As the network's utility has spread across payments and consumer applications, including Solana Blinks and Actions, more of that expansion appears to have reached the account level. Growth in addresses running ahead of price suggests the demand behind the move came from new participants building positions, not from leverage alone.

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Released on its official X account.

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Ethereum and Chainlink Fail to Match

The comparison with Ethereum (ETH) and Chainlink is where the dataset turns sharp. Ethereum produced an 11% gain in ETH's price over the same period, yet its new-address count stayed essentially flat, with no notable wave of first-time accounts opening on the network. Chainlink diverged even further from its own price. LINK climbed from $11.22 on September 1 to $13.96 by October 6, a rise of roughly 24% and the strongest price performance of the three networks. Across those five weeks, the number of new addresses on the Chainlink network grew by less than 2%. The pattern leaves Chainlink carrying the widest gap of the group between valuation and adoption, and Ethereum with a similar, if milder, mismatch. Solana was the only network of the three where account creation expanded faster than price during the window. Santiment's summary of the data states directly that Solana's network adoption has outpaced the growth seen on Ethereum and Chainlink, and the underlying figures bear that out. An advance without matching address growth can rest on capital already circulating inside a network; an advance that arrives alongside a 33% increase in accounts points to a broader base of participants. Investors who track network fundamentals have generally treated the second pattern as the more durable of the two, since a wider user base supports activity after the initial buying phase fades.

The divergence is the number that should carry the argument here, and it is being tested right now: our live monitoring shows Solana (SOL) down about 4% over the past 24 hours. Institutional demand has not confirmed the retail picture either, with ETF inflows slumping to $2.4M from $188M in a week. Against that tape, the 33% address expansion is the clearest counterweight, because it dates to September 1 and covers a window that included both the 20% rally and its cooling. Adoption-based targets, such as Standard Chartered's $250 year-end target for SOL, depend on exactly this kind of breadth holding through sessions like the current one.