Solana’s market activity has picked up sharply in recent weeks. On-chain data from Santiment showed that the number of active addresses has nearly doubled, rising from 2.5 million to 4.8 million since the start of 2026.
This increase signals a return of user participation across the network.
More importantly, it suggests that recent activity is not driven solely by price speculation, but also by Solana’s growing usage.
Source: Santiment
Institutional demand is accelerating
Alongside on-chain growth, institutional interest in Solana appeared to be rising. According to the derivatives market data, SOL’s total Open Interest jumped by more than $34 million in the last 24 hours alone.
From historically similar scenarios, such a sharp surge in Open Interest preceded previous rallies. In Solana’s case, the surging OI points to a heavier positioning from large traders and funds.
Typically, rising Open Interest reflects stronger market conviction, especially when it coincides with improving network fundamentals.
Source: Santiment
Macro uncertainty remains a headwind
That said, broader macroeconomic concerns have not disappeared. Fears surrounding a potential US government shutdown have recently unsettled global markets.
Polymarket predicts an 81% chance of another US government shutdown by the 31st of January—a development that could shake the crypto and finance sector.
Risk assets often struggle in such environments, as investors turn cautious. Crypto markets are not immune to this pressure.
Still, SOL’s recent metrics suggest that traders may be focusing more on crypto-specific strength than short-term macro noise.
What this shift could mean for SOL
Taken together, the data highlight Solana’s growing resilience. Rising active addresses point to organic demand, while increasing Open Interest signals institutional confidence.
If spot buying continues to support this momentum, SOL could sustain its upward trajectory in the near term.
However, elevated leverage also introduces risk. A sudden macro-driven shock could trigger volatility, especially if positions unwind quickly.
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