Solana Active Addresses Soar to Record Highs – So Why Is SOL Price Still Crashing?

Solana's network activity just hit an all-time high—so why is its token bleeding out? The blockchain’s buzzing with more users than ever, yet SOL keeps sliding. What gives?

Network Growth vs. Price Plunge

Active addresses spiking while the token tanks? Classic crypto disconnect. Traders are either ignoring the metrics or betting against them—welcome to speculative asset roulette.

The Whale Factor

Big players might be dumping despite the hype. Retail adoption climbs, but institutional moves still call the shots. Same old story: fundamentals bow to leverage and liquidity games.

Macro Headwinds Bite

Even high-performance blockchains aren’t immune to Fed chatter and risk-off sentiment. When Bitcoin sneezes, altcoins catch pneumonia—Solana’s no exception.

Bottom line: Crypto markets reward patience and punish logic. Solana’s tech wins users, but its token dances to traders’ whims. Another day in digital asset chaos.

Source: Santiment

Typically, a sharp rise in Active Addresses, coupled with a 12.74% increase in volume to $3.75 billion, WOULD hint at an incoming rally. However, as AMBCrypto observed, the opposite occurred in the past day.

In fact, the rally outlook remains weak, with on-chain sentiment suggesting a likely downward stretch.

SOL investors return—But to sell

A wave of Returning Users has emerged in the market, with Artemis reporting that 1.1 million previously inactive users re-engaged in the past day.

This resurgence comes amid weakening sentiment, suggesting many of these users are likely selling rather than accumulating.

Source: Artemis

This “rebirth” coincided with a sharp drop in Total Value Locked (TVL) as on-chain activity declined.

Data from DeFiLlama shows that over $91 million worth of SOL exited the market in the past day, as investors began withdrawing previously deposited tokens from Solana-based protocols.

This trend matches the re-entry of users who may have initially staked their assets but are now returning to sell, indicating a shift from long-term holding to a short-term outlook.

Daily Transactions spiked in the past 24 hours, reaching a new peak. Year-to-date (YTD) transaction count has now climbed to 116.66 million, while DEX activity also crossed a key milestone, surpassing $16.6 billion, according to Artemis.

Spot investors see opportunity in dip

In contrast, spot market investors have taken a different path, accumulating more SOL over the past two days.

At the time of writing, they had spent $16.55 million purchasing SOL, according to CoinGlass.

Source: CoinGlass

Similarly, Artemis reported that Solana’s Bridge Netflow—which tracks SOL bought from other ecosystems—totaled $114,000, suggesting growing cross-chain interest.  

This inflow points to increased appetite from external investors, who may inject more liquidity into the solana market.

A breakout may happen

Technical analysis on the 4-hour chart shows a strong possibility of a market rally in the NEAR term.

Currently, SOL is trading within a symmetrical triangle, a pattern that typically precedes a breakout.

If a breakout occurs, SOL could retest the $158 level. With heightened momentum, prices could climb further by $10, reaching $168.

Source: TradingView