Solana on-chain data does not reveal a positive picture for this fast-growing L1 blockchain network. Some of the most important numbers are on the decline in the last few days.
At the same time, the SOL price is performing decently, up 3% today and now trading around $135. Let’s delve into these numbers and explore whether this is a worrying sign for Solana holders.
What you'll learn 👉
Solana’s New Accounts and Active Wallets
Per Solscan’s data, the number of active wallets decreased today to around 3 million. For comparison, just a couple of days before, the number of active wallets was over 5 million. Also, SUI’s network, for example, had over 1 million active wallets yesterday.
This could be concerning purely because Solana is around 20x bigger than SUI in terms of market cap, yet this metric is now just 3x higher.
It’s worth noting that 5+ million active accounts yesterday was a 3-month high for Solana. Throughout the summer, the number of active wallets was floating around 1 million daily.
However, the number of new accounts is lower compared to summer. Looking at the last 3-months data, the number of new accounts was over 20 million during July, while now in September it floats between 8 and 11 million.
The number of transactions is on a modest decline in the last 3 months, fluctuating between 250 and 300 million daily.
Solana’s biggest exchanges, Jupiter and Raydium, saw a decline in the number of active users in the last 24 hours. Specifically, Raydium has over 40% less compared to the same time yesterday.
Should These Metrics Worry Solana Holders?
The recent decline in on-chain metrics might raise some concerns among Solana traders, but it’s also important to view these numbers in context.
Solana had a big growth over the past year, and some fluctuation in user activity is normal for any blockchain network.
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Show more +The decrease in active wallets and new accounts could be attributed to various factors, such as market conditions, seasonal trends, or even temporary shifts in user behavior. It’s crucial to observe these metrics over a longer period to determine if this is only a temporary dip. Solana’s ecosystem and continued development efforts suggest that the network still has strong potential for growth and adoption.
CaptainAltcoin’s team will, of course, follow Solana’s performance and on chain metrics and report whenever we see a change, like we did just now.
Read also: Whales Massively Buying Solana! This Trader Predicts Where Is The SOL Price Headed Next
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