As Solana’s Price Soars 100%, Falling Network Activity Raises Correction Concerns

Jakarta, Pintu News – While the number of Solana’s (SOL) daily active addresses fell by more than 80%, SOL’s price surged by more than 100%. This raises the question of whether SOL’s price increase is more influenced by trading sentiment than fundamentals.

This article highlights analysts’ warnings regarding this discrepancy and the reasons behind it, according to a BeInCrypto report.

Solana Network Activity Drops Dramatically in the Last Four Months

Maksim, founder of Santiment, emphasized that while SOL prices continue to rise, network activity-such as the number of active addresses and network growth-has slowed down.

Read also: Solana Holds Strong Above $200 — Could the Alpenglow Upgrade Spark the Next Big SOL Rally?

Since May, the number of daily active addresses plummeted from 6 million to only about 1 million. Network growth has also declined, from 4.9 million to 1 million. The chart shows a classic bearish divergence pattern: the price is moving up while the on-chain metrics show the opposite direction.

According to Maksim, this kind of pattern has historically signaled a potential trend reversal and could serve as a warning to investors.

“The preliminary data shows a familiar pattern. Right now, we see a classic bearish divergence: prices are rising, but network activity is lagging. Historically, this often indicates a trend shift,” Maksim explains.

The Santiment report added that, based on historical data, this kind of pattern is usually followed by a sharp reversal with a probability of around 90%. In addition, the number of DEX Solana traders has also reportedly plummeted by 90% over the past year, reflecting the weakening demand for tokens in the Solana ecosystem.

Market Sentiment towards SOL Remains Positive

Despite the decline in network activity, SOL prices continued to climb from below $100 in April to break above $200. Traders seem to be ignoring the negative signals from the on-chain data and continue to buy SOL in the hope that the price will rise again.

Read also: 3 Altcoins at Risk of Major Liquidations in Early September 2025

Several large asset managers-such as Fidelity, VanEck, and Franklin Templeton-recently updated their Solana ETF filings with the SEC. Analysts estimate the chances of approval are now more than 90%. Market projections suggest the Solana ETF could attract up to $8 billion in fund flows.

SOL is also starting to make its way into the wave of strategic crypto reserves. Publicly traded companies such as Sharps Technology, Artelo Biosciences, and Ispecimen have raised hundreds of millions of dollars to build strategic reserves in the form of SOL.

Despite the weak network activity, these factors are believed to support the upward momentum of SOL prices in the spot market.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Solana Price Doubles as Network Activity Crashes: Analysts Warn of Bearish Divergence. Accessed on September 3, 2025