How to Track Solana Wallets

Ultra-fast transactions, low fees, and memecoins? Sign us in, Solana. 

This is the blockchain that’s known to do cool stuff. Whether you’re an NFT artist building the next DeGods or doing cool stuff with Blinks, Solana’s got your back. 

But with great vibes also comes great responsibility, especially in a space where there’s a potentially malicious transaction at every turn. 

Protecting your private keys means protecting your digital assets, and the only thing standing in between you and your security is the wallet you’re using to surf Solana.

Introduction to Solana Wallets

Before diving into all the cool stuff Solana has to offer, you’ll need a Solana wallet to manage your SOL tokens. Think of this as your toolkit for navigating the Solana universe. 

What Is a Solana Wallet?

A Solana wallet is a digital tool designed for the Solana blockchain, allowing you to store and manage your private keys, send and receive assets, and access dApps like DeFi protocols and NFT marketplaces. 

A crypto wallet secures your private keys, not the assets themselves, which remain on the blockchain. This makes securing your private keys essential. Without them, you can’t access your SOL or interact with Solana’s dApps. 

Most custodial wallets operate exactly like a bank, storing crypto reserves in wallets they control and giving people an email account to access these funds. In crypto, self-custody is key—you’re in full control of your assets, so you’re fully responsible for their security. Which type of crypto wallet is best for you to get the best experience of your Solana surfing journey? Let’s take a look.

The Different Types of Solana Wallets

When it comes to accessing your SOL, you have the option to secure your private keys in either software or hardware wallets. 

Let’s break them both down and understand where you’re better off when it comes to secure self-custody.

Software Wallets

Software wallets are apps or programs you install on your computer or phone. They’re convenient—you can send and receive SOL, interact with decentralized apps, and even stake your tokens right from your device. 

Some popular choices include Phantom Wallet, known for its slick design and user-friendly interface, and Solflare Wallet, which offers both web and mobile versions, giving you flexibility in how you access your assets. 

The upside? Software wallets are usually free and quick to set up. The downside? Since they’re on devices connected to the internet, they’re more vulnerable to hacks, malware, and risks of phishing attacks or malicious browser extensions that could compromise the crypto wallets.

So, while software wallets are handy and accessible, you’ll want to ensure you’re keeping your device secure and your Solana assets safe. One way to do this is to get a hardware wallet to generate and store your private keys offline and then connect this hardware wallet to your preferred Solana software wallet.

However, the screens of the devices you use (laptops, tablets, mobile phones) are vulnerable to manipulation and even physical hacks. Moreover, most crypto transactions are conducted using encrypted data that is difficult to comprehend, and combining this complexity with a screen that can be manipulated may lead to ‘blind signing’. 

Would you sign a blank check? That is exactly what you would be doing without knowing the exact details of the transactions you sign while using a software wallet or a hardware wallet connected to a software wallet via an interface. 

Hence, extra precaution is advised when using a software wallet connected to a hardware wallet—especially when it comes to trusting a screen while signing transactions. Always verify the URL and reputation of any dApp you interact with, avoid engaging with unsolicited messages on social platforms, never share your seed phrase, and remember to disable blind signing after use to ensure your private keys remain secure and offline. 

Let’s take an expansive look at crypto security with hardware wallets below.   

Hardware Wallets

Hardware wallets are physical devices—think USB sticks or, in some cases, sleek cards or even stylish touchscreen devices—that store your private keys offline. By keeping your keys disconnected from the internet, hardware wallets offer a higher level of security against online threats.

However, not all hardware wallets are built the same. Hardware wallets without screens are sometimes cumbersome to use and not safe because it is impossible to check the accuracy of the transaction you sign on a screen connected to the internet.

This is because even if your keys are stored offline, they would still need to send transaction information to the internet, and screens are your first interface for this line of interaction between you and blockchains.

This dichotomy of protecting your keys offline with a hardware wallet and signing crypto transactions over the internet breeds multiple attack vectors open for hackers, malicious transactions, and bad actors to try and drain you of your digital assets. 

Ledger devices are built to protect you on this battlefront.

Over a decade since its inception, Ledger devices secure access to 20% of the world’s crypto and have never been hacked. This is due to its battle-tested security model, at the heart of which lies the Secure Element chip. These CC EAL6+ secure chips are resistant to remote and physical hacking and drive the screens of all Ledger devices directly. This means no one except you can ever access your funds, even if they gain physical access to your Ledger device.

Not only do Ledger’s new category of devices, the Ledger Stax and Ledger Flex, bring with them the world’s first secure touchscreens driven directly by the Secure Element, but they also deliver a seamless (and personalized) user experience owing to their larger displays. 

Combining the safety of Secure Touchscreens with the power of Ledger Live also takes Ledger’s Clear Signing initiative to a whole new level. With Clear Signing, all the apps integrated with Ledger Live translate complex crypto transactions into human-readable information. The Ledger Stax and Ledger Flex bring security you can see, touch, and feel, giving you peace of mind knowing that what you see on your secure screen is exactly what you sign. 

On an intuitive interface, knowing that all the apps you navigate via Ledger Live are integrated with battle-tested security, you operate an impactful, immersive, and intuitive web3 device with the ease of use of your hands.

Ultimately, choosing between a software and a hardware wallet comes down to what you value more: convenience or security. Curious to see a comparison of the different Solana Wallets? Read our article on the best Solana wallets. You might even opt for the best of both worlds—combining a software wallet like Phantom for surfing web3 with the offline security of your private keys being fortified by a Ledger device. Furthermore, transactions conducted on all Ledger devices have a 2-step verification process, where you would need to physically sign transactions on the device itself, taking this fortification to its maximum security level. 

We already have a guide for you to learn exactly how you can run Phantom wallet along with your Ledger device. 

Benefits of Tracking Solana Wallets

In web3, financial freedom means that you fully control and determine your asset’s future. Solana is no stranger to the markets and attracts very diverse individuals, ranging from the average crypto enthusiast to seasoned web3 explorers, smart traders, degens, and of course, scammers.

In web3, it’s always ‘do your own research (DYOR)’ before any sort of investment or trade activity. Tracking wallets allows you to invest smartly, make better decisions, and tap into the pulse of what the future of finance, arts, and technology really feels like. 

Here’s why tracking Solana wallets matters:

Analyze smart money flows

Observing where funds are being allocated by significant holders can provide a glimpse into which areas of the Solana ecosystem might be gaining traction or experiencing shifts in capital allocation.

Spot emerging trends

By looking at wallet interactions, you might notice trends like increased activity in certain DeFi applications, NFT projects, or other blockchain initiatives, which could reflect broader market interests or new developments.

Predict market movements

Notable changes in wallet activity, such as large transfers or new staking behaviors, can serve as indicators of how the market might be feeling about Solana or specific assets within its network.

Copy Trades With Telegram Bot

Some people use Telegram bots for real-time updates on wallet activities, which can include insights into trading patterns. While this can inform personal strategies, it’s crucial to understand that each user’s situation is unique, and following others’ trades does not guarantee similar outcomes. 

Instead, it’s a tool for gathering information that can be part of a broader, individual-focused approach to navigating the Solana ecosystem.

The Different Methods To Track Solana Wallets

Keeping track of Solana wallets lets you see how funds are moving around the Solana network. By watching the activity of different Solana wallets—especially those holding large amounts—you can get insights into market trends and potential shifts. This information might give you a better idea of what’s going on and help you make more informed decisions. 

Here’s how you can track Solana wallets.

Use a Solana blockchain explorer

Solana blockchain explorers provide a detailed look at Solana transactions, wallet activities, and overall Solana blockchain performance. They allow users to view real-time data on transfers, staking, and more. For tracking a Solana wallet’s activity, these tools offer transparency by showing every interaction occurring on-chain.

Choose the Best Solana Blockchain Explorer

Selecting the right explorer depends on the features, ease of use, and depth of analysis you require. Each explorer has its strengths, from transaction monitoring to providing real-time staking details.

Solscan

A popular choice for tracking Solana transactions, Solscan is a blockchain explorer specifically designed for the Solana network. It provides users with detailed insights into transactions, blocks, wallet addresses, and tokens on Solana. 

It also allows users to search and analyze network data, including transaction histories, wallet activities, and statistics on DeFi protocols and NFT marketplaces within the Solana ecosystem. With user-friendly dashboards and real-time data tracking, Solscan serves as a valuable tool for both casual users and advanced researchers looking to navigate and understand the Solana blockchain.

Solana.fm

Solana.fm is a powerful blockchain explorer tailored for the Solana network, offering quick, simple, and human-readable access to Solana on-chain data. It enables users to find large whale transfers, track the most active Solana wallets, and understand accounts and transactions at a glance with advanced parsing tools. 

The Quantum Explorer Preview is an enhanced feature of Solana.fm that introduces improved performance, extensive protocol coverage—including support for Decentralized Finance (DeFi) protocols like Jupiter, Magic Eden, and Tensor—and a revamped user interface for easier navigation. With Quantum, users can visualize transactions more effectively and explore the Solana blockchain with greater speed and reliability.

Solana Explorer

Solana Explorer is an official tool maintained by the Solana team. It offers detailed data on network performance, wallet interactions, and validator information. It’s ideal for those looking for official, trusted insights into Solana’s ecosystem.

Check the Activity of a Solana Wallet

Understanding a Solana wallet’s activity on the blockchain involves analyzing key elements that reveal its transaction history, asset movement, and network interactions.

Date and Time Stamps

Every transaction on the Solana blockchain is marked with an exact date and time. This information allows users to track when funds are moved, helping to identify patterns or behaviors like regular transfers or activity triggered by market events. By analyzing timestamps, users can understand the frequency of a Solana wallet’s activity and assess its response to various market conditions.

Transaction Amounts

The amount of SOL or other SPL tokens transferred in each transaction provides insight into the wallet’s scale of activity. Large transfers might suggest a significant holder or “whale,” while smaller, frequent transactions might indicate routine usage, such as staking rewards or NFT purchases. Analyzing these amounts helps assess the financial influence of a wallet on the broader Solana market.

Transaction Fee

Solana is known for its low transaction fees, but the amount of fees paid can still offer valuable insights. Higher fees might suggest a desire for faster processing during network congestion. By tracking the Solana fees associated with a wallet’s transactions, users can gauge the urgency and priorities behind its activities. It also provides an understanding of network demand at the time of the transaction. 

Hashes

Each transaction on Solana is associated with a unique hash, a digital fingerprint that verifies the integrity of the transaction. These hashes allow users to explore specific transactions in detail, ensuring they are valid and tamper-proof. By reviewing transaction hashes, one can trace the transaction history of a Solana wallet and ensure that each transfer is authentic and properly recorded on the blockchain.

Solana Addresses

Solana addresses represent the source and destination of funds within each transaction. A wallet can contain multiple addresses, and tracking these addresses reveals how assets flow between Solana wallets. By analyzing the addresses a wallet interacts with, it’s possible to infer relationships between wallets, identify patterns, and even detect links to larger entities, such as exchanges or DeFi platforms. This information can offer deeper insight into a wallet’s role in the broader Solana ecosystem.

Use Crypto Portfolio Tracker Apps That Support Solana

CoinStats

CoinStats offers a comprehensive multi-currency and blockchain portfolio tracking tool, including support for the Solana blockchain, allowing cryptocurrency investors to track a variety of assets and exchanges, receive real-time market updates, and monitor their investments.

SonarWatch

SonarWatch is a multichain dashboard and API designed to help you monitor your DeFi portfolio and stay updated on the web3 ecosystem in real-time. Supporting chains like Solana, Sui, Aptos, Ethereum, Bitcoin, Avalanche, Polygon, and BNB Chain, it aims to enhance the user experience and promote financial adoption on-chain through APIs and open-source products. 

Cielo Finance

Cielo Finance is an on-chain analytics platform that offers a web application enhanced with sophisticated Telegram bots to decode blockchain data. It provides users with a dashboard to curate and segment relevant on-chain information, building upon its EVM Wallet Tracker for unparalleled transaction monitoring.

Use Crypto Analytic Tools That Support Solana

Crypto analytics platforms offer crucial insights into market trends, security, and investment opportunities, helping investors make informed decisions. Unlike free blockchain explorers, these tools are often paid but provide advanced analytics and deeper data.

Bubble Maps

Bubble Maps visually represent crypto transactions and wallet activities, helping users spot market trends and significant movements through an intuitive user interface. 

Arkham Intelligence

Arkham Intelligence specializes in tracking blockchain transactions, allowing users to analyze smart money movements, and wallets, and detect potential risks and opportunities in the crypto market.

Dune Analytics

Dune Analytics is a community-driven platform that enables users to create and share custom analytics, offering powerful tools for exploring blockchain data and market activities.

Use Telegram Bot

RayBot

Solana RayBot is a free-to-use Telegram bot that lets you track Solana wallets in real time. It also allows you to receive Solana wallet alerts and get instant notifications about transactions and activities on any wallets you choose to follow. This makes it perfect for monitoring whale wallets or staying updated on specific Solana addresses. With optional subscriptions for advanced features, Solana RayBot seamlessly integrates with Telegram to keep you informed and ahead in the Solana space.

Trojan 

Trojan is a Telegram-based trading bot for Solana that offers fast transaction execution, low fees, and advanced features like copy-trading and DCA (Dollar Cost Averaging) orders. It supports basic and limit orders, allowing users to automate their trading strategies directly from Telegram. The bot also facilitates cross-chain trading between Ethereum and Solana, expanding user access to different blockchain ecosystems. With over 100k unique users and a trading volume exceeding $2 billion, Trojan has quickly become a prominent player in Solana’s DeFi space.

BullX

BullX is a newly launched Telegram trading bot for Solana, launched in June 2024. With seamless integration into a dedicated web app, it offers an immersive trading experience. It also has pump.fun support for trading new tokens, faster transaction execution, and a well-designed interface that simplifies trading for users. 

How To Choose Which Solana Wallets To Track?

In Solana, tracking specific wallets can offer insights into market trends and investment opportunities:

• Whale Wallets: Watch wallets with over 1% of the circulating supply for signs of major market movements like sell-offs or investments.
• Exchange Hot Wallets: Monitor these to gauge market sentiment; high deposits might mean selling pressure, while withdrawals could indicate buying or staking.
• Project Treasury Wallets: Look for fund movements from project teams that might indicate new initiatives or expansions.
• Venture Capital and Investment Fund Wallets: These show where big money is moving, influencing market trends.
• Protocol and DeFi Platform Wallets: Activity here reflects user engagement and growth in specific apps or DeFi platforms.
• Team/Developer Vesting Wallets: Movements can affect token supply and price, especially when tokens vest.
• NFT Collection and Marketplace Wallets: Tracking these help identify popular collections and market trends.
• Staking and Validator Wallets: Changes here can signal community confidence in the network.
• Bridge and Cross-Chain Protocol Wallets: Useful for understanding asset movement between Solana and other blockchains, impacting liquidity.
• Lending Platform Wallets: Indicates shifts in borrowing/lending rates and DeFi health.

Choose Solana wallets to track based on your interest, whether it’s major player strategies, project developments, or DeFi/NFT trends, to make informed decisions in the Solana ecosystem.