Solana Wallets Monitoring Tools

In the fast-paced world of solana memecoins (copy)trading, finding a successful wallet to copy isn’t enough. The real key to sustainable success lies in proper monitoring and analysis. In today’s tutorial, we will explain why this is crucial and how you can master this essential skill.

Understanding the Importance of Monitoring

When it comes to copytrading a wallet, we first must analyze it. If it passes our static checks (Win rate, ROI, amount of traded tokens, etc), then we should continue to the second (highly recommended) phase, which is monitoring. This is very useful to see if its winning streak is consistent, as in many cases you will find impressive wallets that, after a great win streak (suddenly) start losing a lot of trades, potentially emptying your portfolio if you copytrade it.

For instance, have a look at this wallet of when it was first found and how it looked after 2 days of monitoring.

Wallet's Status when it was found for the first time

But after a few days of monitoring, the stats completly changed:

Wallet's Status during monitoring phase

Don’t believe me? Check it yourself: FzNk6vni3E2LfzrG6hxUcMCLBUMSqruf3HohnkCQvQv8

This is a perfect example of why you shouldn’t rush into copying a wallet just because you see a string of profitable trades. It’s tempting, especially when you see those big wins, but remember that all that glitters is not gold. A wallet’s past performance can change dramatically in just a matter of days.

Tools of the Trade: Telegram Bots

This is exactly why proper monitoring tools are essential. To help you keep track of wallet performance effectively, we’ll focus on two particularly useful telegram bots and another standalone (yet very known) tool. While the market offers many monitoring tools, these two stand out for their reliability and feature set. They’ll help you spot any changes in trading patterns before they impact your portfolio.

1. Ray Bot

Ray Bot is one of the most popular monitoring tools due to its simplicity and effectiveness. It tracks your selected wallets and sends instant notifications about any significant trading activity.

Getting started with it is refreshingly straightforward. You simply type “add <wallet_address> <wallet_tag>” and you’re set.  For example:

Ray Bot setup command

Once you do, whenever a wallet triggers an alert, Ray Bot will provide you with detailed transaction data:

Wallet Trigger Example
  1. Bought (Green Emoji) a Token and Wallet tag
  2. Transaction Data (Bought 0.1 SOL of token $BITCONNECT)
  3. Same as number two but prettier
  4. The market cap the wallet bought the token at
  5. When was the token created
  6. Quick token profile links (DexScreener, DexTools, Photon, BullX, Gmgn, etc)
  7. Some other customizable quick buttons

What truly sets Ray Bot apart is its impressive customization capabilities. You can fine-tune your alerts based on transaction types, set minimum trade sizes, filter by market cap, and much more. For instance:

As can be seen in the picture above, Ray Bot offers us the following filters for each wallet:

  1. Type of transaction
  2. Only show first buy/sell of the wallet per token
  3. Minimum Trade size / Marketcap filters
  4. Show Solana/Token Transfers
  5. Other types of transactions and DEX platforms to filters

Lastly, it is worth mentioning that Ray Bot even comes prepared for high-stress market conditions with backup systems, ensuring you won’t miss critical alerts during periods of network congestion.

Ray Bot Backups

Finally, keep in mind that Ray Bot offers 10 wallets to monitor at the same time on the free version, which should be more than enough if you selected your wallets wisely.

2. Defined Bot

Defined Bot offers a simpler interface compared to Ray Bot, but is just as effective for basic monitoring needs. It shows wallet buys and sells with basic trade statistics, and often provides notifications faster than Ray Bot.

Defined Bot Wallet Alert example

Nevertheless, while it provides wallet buy/sell alerts and basic statistics, it lacks the deep customization options that RayBot offers. This makes it a better choice for users who need straightforward monitoring without the complexity of filter settings.

To cover this up, Defined Bot will allow you to track unlimited wallet for absolutely free, making it an excellent choice for copytraders who want to cast a wider net in their monitoring efforts.

3. Solflare

For traders who prefer to keep things simple and avoid telegram bots altogether, Solflare (the wallet software itself) offers an elegant solution through its built-in notification system. This is particularly valuable for tracking OdinBot transactions, which don’t come with native notifications.

Solflare Notifications Set up

Solflare’s notification system keeps you informed about all wallet activities, from token sends to receives, providing a clean, straightforward monitoring solution that integrates seamlessly with your wallet management.

Bringing It All Together

While automated copytrading solutions like OdinBot handle the mechanical aspects of copying trades, maintaining awareness through these monitoring tools is crucial for long-term success.

The key to successful wallet monitoring isn’t just using these tools, but using them intelligently. Consider setting up Ray Bot for your most important wallets where you need detailed analytics, using Defined Bot for broader market surveillance, and keeping Solflare’s notifications as a backup system. This multi-layered approach helps ensure you won’t miss critical movements while maintaining a comprehensive view of your tracked wallets’ activities.

Remember, in the dynamic world of solana memecoins (copy)trading, information is power, and these monitoring tools are your windows into the market’s movements. Use them wisely, and they’ll help you make more informed decisions about when to start, continue, or stop copying a particular wallet’s trades.