Solana becomes the "chip" of the "AI casino," on-chain activity data reveals the truth

What Data Reveals About Solana’s Hot Market

Solana (SOL) performed remarkably well in October, with network activity metrics frequently hitting new highs. According to on-chain data, the number of daily active addresses has shown steady growth over the past three months. At the end of August, this metric reached a high of about 3 million; although there was a slight dip in early October, it quickly rebounded to 6.2 million, fully reflecting a significant increase in user engagement.

Meanwhile, the average daily transaction volume also demonstrated a clear upward trend. Transaction activity was relatively subdued in early September, but after entering October, it continued to grow, peaking at 45.2 million transactions. This concurrent rise in on-chain activity indicates that the popularity of the Solana ecosystem is continuously heating up.

Rising Fees Reflect a “False Prosperity”

The increase in network fees further confirms this trend. By mid-October, Solana’s total fees had risen to approximately $2.3 million, forming a perfect correlation with the growth in transactions and addresses. Rising fees are often seen as a sign of network prosperity, but in the context of Solana, analysts used a more straightforward metaphor — calling it “gambling chips in an AI casino.”

This statement is worth pondering. The meme coin market is flooded with speculative enthusiasm, and as the “AI concept” carrier, Solana has attracted a large influx of capital. Rather than viewing this as a sign of thriving network applications, it’s more like chips constantly changing hands in a casino — higher trading volume and fees driven by the movement of chips, but behind it all, the real driver is the rotation of speculators rather than genuine ecosystem innovation.

Price Breakouts and Risks Coexist

From a technical perspective, Solana briefly hovered below the 34-period and 89-period exponential moving averages in early October, showing some signs of fatigue. However, analysts predicted a breakout opportunity around the $140 level.

This judgment proved correct. According to the latest trading data, SOL has broken through to $170, with a gain of over 14% in the past two weeks. The number of holding addresses remains around 2.34 million, and the 24-hour trading volume has reached $150 million.

Clear Thinking Amid Altcoin Risks

However, it is important to be cautious about the nature of this growth. The surge in daily active addresses, transaction volume, and rising fees may look like signs of “prosperity” on the surface, but fundamentally, they reflect the rapid circulation of gambling chips. In the meme coin market, price increases driven by hot money are often fleeting.

When analysts compare Solana to “chips in an AI casino,” the implicit warning is that the sustainability of this growth is questionable. True network value should come from real application deployment and organic user growth, not from speculative capital-driven transaction inflation.