Solana Active Addresses Plummet as Bullish Sentiment Soars to January Highs

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Solana Active Addresses Fall as Bullish Sentiment Hits January Highs

Despite growing optimism – with over three positive comments for every negative one – the number of active Solana wallets has decreased to 2.89 million.

The number of active Solana users dropped from 5.01 million in early February to 2.89 million recently, even as positive feelings about the cryptocurrency grew to their strongest point since January.

Solana is experiencing a curious trend: while fewer users are actively trading SOL, online conversations about the cryptocurrency are becoming more optimistic.

As an analyst, I’m currently focused on whether we’ll see a rebound in network activity. Right now, market sentiment and volatility suggest we’re entering a period of lower trading volume and a generally calmer market.

Solana Active Addresses Drop From February High

The number of active users on the Solana network has decreased significantly since early February. Currently, around 2.89 million addresses are active each week.

This is down from a previous peak of 5.01 million. This decrease indicates that fewer SOL transactions are happening on the network.

Solana continues to be among the top ten cryptocurrencies by value, currently ranking seventh. However, its performance hasn’t reached the levels of Bitcoin or other leading cryptocurrencies.

Solana’s weekly user activity has decreased significantly, falling from a peak of 5.01 million in early February to 2.89 million currently. This decline suggests fewer people are using the network, and the cryptocurrency, currently ranked seventh in market value, hasn’t seen much growth recently.

Conversely, the sentiment toward Solana has skyrocketed to…

— Santiment Intelligence (@SantimentData)

A decrease in active addresses often suggests reduced activity on the network. This could mean less trading is happening, fewer users are sending or receiving assets, or overall demand for the network is down.

Market watchers often track this figure to judge blockchain use.

This recent drop doesn’t necessarily signal a lasting downturn, but it’s notable because it comes after a period of high activity on Solana.

Bullish Solana Sentiment Reaches January High

Although there’s been less activity on the Solana network recently, people are feeling more optimistic about it. Current data suggests there are roughly 3.2 positive comments for every negative one.

These comments were tracked across X, Reddit, Telegram, and other platforms.

This is the strongest sign of positive market sentiment since January. Despite fewer active users, traders are showing increasing optimism.

As a researcher following the Solana market, I’m seeing conflicting signals right now. While some in the community believe Solana is poised for significant growth, others suggest a different outlook. It’s a mixed bag at the moment, making it difficult to predict which way things will go.

Its underperformance compared to Bitcoin and other leading cryptocurrencies explains the current outlook. However, some believe the price could rebound, mirroring previous patterns.

However, how the price changes in the future will likely depend on how much the network is used. If more people start using the network and the number of transactions and active wallets increases, that could support a positive outlook for the price.

Without that, positive sentiment may remain separate from on-chain activity.

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Volatility Collapse Points to a Quieter SOL Market

SOL volatility has fallen to 35.5%, according to the figures shared by market analysts.

When prices don’t change much – meaning less volatility – it can suggest a more stable market and less immediate pressure on traders. Some experts believe this stability is because more investors are holding onto their assets for the long term.

Some believe that decreasing the number of rapid trades could help stabilize prices. This could result in a period of limited price fluctuation until a new, stronger trend emerges.

Solana is getting quieter.

When market volatility drops to 35.5%, it strongly suggests that more powerful investors are stepping in and buying up assets.

Significant investment into Solana ETFs – exceeding one billion dollars – combined with a large increase in long-term SOL holders (from 524,000 to 2.58 million) is helping to stabilize the market and reduce short-term volatility.

— Rios (@Riosweb3)

Strong demand for ETFs, with over $1 billion flowing in, is also contributing to the current market conditions. This increased investment could be limiting the number of shares available for those looking to sell quickly.

At the same time, long-term holder supply reportedly rose from 524,000 SOL to 2.58 million SOL.

This change indicates that people are holding onto their SOL cryptocurrency for longer. While this can reduce immediate price swings, it might also make it take longer for the price to significantly increase.

Traders may need stronger demand before volatility expands again.

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2026-05-06 08:53