Since Friday, Bitcoin has unsuccessfully tried to breach the $100K mark. This leads to a question: has a top been reached for now, or is there more momentum ahead?
While no one can predict market moves with certainty, on-chain data provides a powerful lens into network health and sentiment.
One such signal has just flashed green for Bitcoin: Momentum in New Addresses has crossed above the yearly average, signaling expanding network activity.
What does this mean?
- Growing participation: A positive crossover indicates more unique participants are joining the network, a foundational signal of healthy demand.
- Bullish network sentiment: Historically, similar crossovers have preceded significant market rallies, hinting at underlying strength.
- Market validation: Even amid volatile price action, this signal points to a potential shift in sentiment, often a precursor to structural growth phases.
While momentum continues to build for Bitcoin, it’s also possible that we’ve reached a local top, which could lead to a temporary capital rotation into major altcoins. So, which altcoins might be primed for a rally?
Expanding Glassnode Coverage: BNB and TON Metrics Are Now Live
We’re excited to announce the addition of BNB and TON metrics to Glassnode Studio, expanding our coverage of this cycle’s standout altcoins. These integrations build on our recent expansion efforts, which included support for Solana (SOL) and TRON metrics.
With these new additions, you can now track ecosystem momentum across multiple chains using trusted Glassnode metrics, including:
- Fees
- Active accounts
- Transaction volume and rates
- Derivatives data
With these tools, we can analyze how on-chain activity for altcoins like SOL, BNB, and TON compares to Bitcoin - and to one another.
BNB, TON, and SOL Network Activity at a Glance
BNB Chain: Steady but Cautious
BNB’s active addresses currently stand at 541,760, with its 7-day SMA (546,916) closely aligned with the 30-day SMA (540,533). This flat trend indicates stable but cautious user behavior, reflecting a network that remains robust yet awaits a clear catalyst for further expansion.
TON (Toncoin): Gaining Momentum
Toncoin has been quietly building momentum, with active addresses at approximately 4.8M and the 7-day SMA showing modest outperformance over the 30-day SMA. This mild upward trend suggests growing interest in the network and reflects its potential for further adoption as its niche strengthens.
Solana (SOL): A Year of Rapid Growth
Solana has seen an impressive surge in adoption this year, with active addresses reaching 19.98M. The 7-day SMA (22.65M) continues to outpace the 30-day SMA (18.40M), signaling strong and sustained momentum.
Exclusive Offer: Unlock more BNB and TON Metrics
Some of the critical metrics for BNB, TON, and SOL - such as Futures Volume, OI or Funding Rates - are available exclusively for Advanced plans and above. With our Black Friday deal - available until December 2nd - you get a chance to access this data at a discounted rate.
Expand your analysis. Form your view. Trade and invest with more confidence using Glassnode’s trusted metrics and tools. And stay tuned for more updates and insights from Glassnode coming soon!
