The Solana (SOL) network continues to witness a surge in on-chain activity, thanks to an increase in the number of non-zero addresses.

Calling out this development, renowned market analyst Ali Martinez stated, “The number of wallets holding 0.1 Solana or more has surged to 11.04 million in the last two weeks.”

Therefore, this trend in the Solana ecosystem suggests increased user adoption, long-term holding sentiment, and heightened decentralized finance (DeFi) activity.

As SOL continues to witness soaring demand, the fifth-largest cryptocurrency based on market capitalization is edging closer to the psychological price of $200.

According to CoinGecko data, Solana was up 24.7% to $181.91 at the time of this writing.

Solana Emerges as a Hot Crypto Topic

According to Santiment, Solana holding and MCP values are among the top 10 trending topics driving markets, with the latter emerging as a key token identifier or financial metric within the crypto community.

The leading on-chain metrics provider pointed out, “The Solana blockchain is being referenced alongside token liquidity, market cap, and holder counts. The texts highlight multiple KOLs (Key  Opinion Leaders) pivoting into various Solana tokens, indicating active trading and investment interest in the Solana ecosystem.”

With different analysts stipulating that the altcoin season has already set in, Solana is expected to be among the coins that will benefit from the next crypto gold rush.

Therefore, time will tell how SOL plays out both in the short and long term.