The Solana network is experiencing a notable resurgence, with its total address count reaching comparable levels before the FTX debacle. This trend signifies a growing optimism within the community as the platform heads into a season ripe with airdrop opportunities. Interestingly, this upsurge in address count has occurred without significant inducements like airdrops, highlighting the organic growth of the network. Crypto analytics firm Messari observes that this is set to change, given the array of airdrops slated from various Solana-based projects.
The user base of Solana is anticipated to witness a substantial increase, potentially ranging between 30% and 80%, spurred by the launch of native tokens. Historically, Solana has hosted a limited number of airdrops, with only one significant project conducting such an event. However, this is expected to change soon, with projects like Jupiter, Marginfi, Drift, Zeta, and JitosSol preparing to join the fray.
Messari’s analysis sheds light on a pattern in Solana’s growth trajectory. During market rallies, Solana’s user count tends to increase by a factor that outpaces its market capitalization rate, sometimes by 2.5 times. In the current year, Solana’s price has witnessed an impressive surge of 528%, a remarkable recovery from its slump following the FTX collapse. According to Messari, even without such market rallies, Solana could see an influx of up to 160,000 unique users.
Additionally, Messari projected that if the market capitalization of Solana-based protocols grows by $1 to $2.5 billion, the unique user count could escalate to between 210,000 and 299,000.
Solana is recognized for its speed and efficiency, which give it an edge over competitors like Ethereum. The upcoming projects and their associated airdrops could further enhance its appeal. Despite the common trend of network activity dipping post-airdrop events, Messari suggests that Solana, with its established native token (SOL), might not follow this pattern.
Market analysts, including those from VanEck, view Solana favorably. They suggest that SOL possesses the fundamental strengths to shield itself from negative market trends in the long run. This resilience is evident in how the cryptocurrency maintained its upward trajectory in 2023, despite challenges like being labeled an investment contract by the US SEC.
