Solana user base surges as returning participants hit highs
Solana (SOL) is seeing a rapid increase in returning network participants, despite recent downward price pressure and broad market volatility. The article cites data shared by “Zensei” on X showing SOL’s returning users rising to the highest levels since February, indicating steadier long-term engagement rather than short-term speculation.
The piece also claims SOL is widening its gap versus Ethereum (ETH) in key activity metrics. Over the past week, SOL processed about $19.0B in perp volume versus ETH’s ~$10.1B (nearly 89% lead). On DEX aggregator volume, SOL is reported at ~$10.2B compared with ETH’s ~$4.8B (roughly 115% lead).
On price, CoinMarketMap data is referenced at around $65 for SOL, up nearly 2% in 24 hours, while trading volume reportedly fell by more than 3% over the same period. The overall message is that SOL’s network usage and market participation remain strong even when price momentum is mixed.
Bullish
This news is broadly bullish because it combines “engagement strength” (returning users hitting multi-month highs) with “usage-driven volume” (SOL leading ETH in perp and DEX-aggregator volumes). In market terms, higher returning-participant counts often precede more stable demand for blockspace and ecosystem products, while outsized derivative and DEX flow usually strengthens short-term liquidity and sentiment.
In the short term, traders may view the rising returning-user trend as a catalyst that can support SOL on dips—especially if volume remains elevated. The reported volume drop alongside a modest price uptick can also hint at selective buying (price supported by conviction rather than broad market chase).
In the long run, if SOL continues to win activity share versus ETH (as the article claims), it can attract further ecosystem deployment, liquidity migration, and perps/market-making capacity—effects that historically tend to reinforce sustained uptrends rather than one-off pumps. Similar “network usage beats price” narratives have previously led to sharper rallies when traders rotate from speculation to measurable activity metrics. Key risk: if returning-user growth is not matched by continued token demand (or if market-wide risk-off hits), price may lag the on-chain usage trend.