Solana market activity has seen a strong rebound in recent weeks. On-chain data from Santiment showed that the number of active addresses has almost doubled, rising from 2.5 million to 4.8 million since the beginning of 2026.
This increase indicates a return in user engagement across the network.
More importantly, it suggests that the recent activity is not solely driven by price speculation, but also by the growing use of Solana.
Source: Sentiment
Institutional demand is accelerating
Along with on-chain growth, institutional interest in Solana appeared to be increasing. According to derivatives market data, SOL’s total open interest increased by more than $34 million in the last 24 hours alone.
Starting from historically similar scenarios, such a sharp rise in open interest preceded previous rallies. In the case of Solana, the increase in OI points to a stricter positioning by large operators and funds.
Typically, rising open interest reflects stronger market conviction, especially when it coincides with improving network fundamentals.
Source: Sentiment
Macroeconomic uncertainty remains an obstacle
That said, broader macroeconomic concerns have not gone away. Fears over a possible US government shutdown have recently roiled global markets.
Polymarket predicts an 81% chance of another US government shutdown before January 31, a development that could shake up the crypto and financial sector.
Risk assets often struggle in these environments as investors become cautious. Crypto markets are not immune to this pressure.
Still, recent SOL metrics suggest that traders may be focusing more on cryptocurrency-specific strength rather than short-term macro noise.
What this change could mean for SOL
Taken together, the data highlights Solana’s growing resilience. The increase in active addresses points to organic demand, while the increase in open interest indicates institutional confidence.
If spot purchases continue to support this momentum, SOL could maintain its upward trajectory in the near term.
However, high leverage also introduces risks. A sudden shock driven by macroeconomic factors could trigger volatility, especially if positions are liquidated quickly.
