Arkham Intelligence adds support for Solana blockchain data
Solana (Sol) onchain data is now supported by Arkham Intelligence, a crypto and blockchain data tracking platform. This is a major step forward for Arkham's goal of expanding its presence on various blockchain networks.
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— Arkham (@ArkhamIntel) October 25, 2024
Arkham now supports on-chain data on the Solana blockchain.
Hereβs what you can expect: pic.twitter.com/M1BQVAgTIV
Arkham is a leading tracking platform used by investors and traders to monitor the activity of cryptocurrencies. Since its creation in 2020, the platform has been used to monitor the wallets and transaction histories of the largest wallets, including those of the US Department of Treasury and Vitalik Buterin.
Users can track and visualize onchain data from Solana
In a Friday social media post on X, the company announced via a post that Arkham now enables users to track their own trading progress on-chain, receive real-time trade alerts, trace large fund movements from specific wallets, and view data about the top Solana traders and investors.
Users can now monitor and view onchain data from Solana, the fifth-largest blockchain with a market capitalization of $79.8 billion. Sample screenshots of the Solana tracker in action were also posted on the Arkham Intelligence X handle. For instance, the platform could track a trader who made over $2 million on the Solana meme coin DogWifHat (WIF). Additionally, a custom dashboard that tracks the holdings number of leading memecoin traders from the Solana Network can be created.
Arkham also said that individuals can follow the most successful memecoin traders, which is particularly relevant now that Solana has emerged as the preferred blockchain for new memecoin launches and their trading volume in 2024.
On-chain analytics platform Nansen launches Solana tracking tool
This move comes a week after Nansen, a blockchain analytics company, announced the launch of its new Solana platform. The October 17th announcement said that the new platform aims to close the gaps in the Web3 analytics industry in order to offer actionable insights across Solana's blockchain. It also aims to improve network tools and close the gap that prevents investors from attempting to perform in-depth analysis by tracking their balances in real-time and tracking the movement of their wallets.
The on-chain analytics platform Nansen introduced new features, which include a token screener for insights into token performance, portfolio management tracking, and wallet profit and loss (PnL). Furthermore, it will offer artificial intelligence (AI)-surfaced on-chain insights known as "signals" for identifying market trends and tracking smart money, which enables tracking the movements of profitable whales and institutional investors.
Solana witnesses rapid growth
Solana is one of the fastest-growing blockchain ecosystems. With an 18% increase over the last month, Solana has outperformed popular cryptocurrencies like Bitcoin and Ethereum. Some market analysts predict that if the upward trend continues, SOL may hit previously unheard-of heights, possibly as high as $2,000.
Solana's analytics tools are historically lagging behind those of other blockchains, such as Ethereum. This is why Nansen and Arkham have both launched tools that can track and visualize onchain data from Solana.
As of 21:13 Greenwich Mean Time (GMT) on Friday, the native token of the Solana blockchain, SOL, was trading at $167.43, a 5.76% decline over the previous day, according to CoinMarketCap data.
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