ONCHAIN On-Chain · Updated March 2026 · ~4 min · For TradingView desktop 3.2.1
Active Addresses & Network Heat: The On-Chain 'User' Signal
Price can be pushed by short-term money, but a chain's real usage shows in how many addresses are moving. Active addresses, new addresses and transaction counts are the on-chain "users and usage" signal.
Three metrics
- Active addresses: addresses sending/receiving that day — network heat;
- New addresses: the rate of new users, which in early bulls often rises ahead of price;
- Transaction count / value: settlement demand — how much the network is "being used to do things."
What divergence means
Price makes a new high but active addresses don't follow (or fall) = a rally lacking real-usage support, a fragile money-pushed move. Price ranges but active addresses keep climbing = the network is quietly heating up, possibly building momentum.
Tip: for small-cap chains, watch for wash activity — bots can inflate address counts. Comparing fees / real settlement value filters the noise. On-chain activity is a slow variable, good for mid-term backdrop alongside liquidity.