Network Activity Plummets as SOL Price Struggles
In a shocking development for the Solana ecosystem, network activity has plunged by over 60%, raising serious concerns about the blockchain’s immediate future. On-chain data reveals a dramatic decline from 18.5 million to just 7.3 million active addresses, signaling potentially troubling times ahead for SOL holders.
Key Metrics Paint Worrying Picture
According to renowned analyst Ali Martinez, several critical metrics are flashing warning signs:
- Active Addresses: 60% decline from ATH
- Whale Activity: 135 large wallets (10,000+ SOL) liquidating positions
- Network Adoption: Significant slowdown in new user onboarding
Market Implications and Future Outlook
While the current metrics paint a bearish picture, some analysts remain optimistic. Technical analyst Captain Faibik suggests SOL could still reach $1,000 once it clears crucial horizontal resistance levels. However, the massive whale selloff and declining network activity could present significant headwinds for any immediate recovery.
Expert Analysis
Market experts point to several factors potentially contributing to this decline:
- General crypto market volatility
- Profit-taking by large holders
- Reduced DeFi activity
- Technical resistance levels
The coming weeks will be crucial for Solana’s trajectory, with key support levels now under serious pressure. Investors should closely monitor network activity metrics for signs of recovery.