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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Solana (SOL)

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The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL’s on-chain activity experienced a decline during May.

Meanwhile, the asset’s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%.

On-Chain Activity Defies New Address Metrics

As of this month (May), Solana demonstrated growth in its user base, with 5.4 million new addresses joining the blockchain. This surge represents the highest number of new addresses added since October 2022, hinting at a surge in interest in the Solana blockchain.

Number of new active addresses on the Solana Network.
Number of new active addresses on the Solana Network. | Source: IntotheBlock

Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement.

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However, while Solana experienced a surge in new addresses, its on-chain activity declined during the same period. Data from The Block, a prominent blockchain analytics tool, reveals that the on-chain activity on the Solana network dropped in May, contrasting the influx of new participants.

Solana on-chain activity.
Solana on-chain activity. | Source: IntotheBlock

On-chain activity refers to the transactions, smart contract interactions, and other operations occurring on the blockchain. The decrease in on-chain activity raises questions about the factors influencing Solana’s blockchain’s overall engagement and usage and why growth in activity has failed to impact its price positively. 

Unique Circumstances For SOL

Solana’s situation is unique due to the divergence between the increasing number of addresses and the decline in SOL’s price. While new addresses often correlate with positive growth indicators for cryptocurrencies, SOL’s price experienced a more than 10% drop since the beginning of May.

Starting the month at $21.71, SOL’s price currently trades at $19.68. Over the past week, the asset has plummeted by 8.2%. SOL has dropped from a high of $21.38 seen last Monday to trade below $20 at the time of writing. 

Solana (SOL)’s price chart on TradingView
Solana (SOL)’s price is moving sideways on the 4-Hour chart. Source: SOL/USDT on TradingView.com

Solana’s market capitalization has also plunged in the past seven days. SOL’s market cap has fallen nearly 10% from a cap high of $217 billion to a high of $8.4 billion last Monday. Meanwhile, its daily trading volume has surged in the past few days.

From $100 million and $150 million a few days ago to nearly $300 million in the last 24 hours. The unique decoupling between Solana’s new address growth and price performance caught the crypto community’s attention. 

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Notably, Several factors could contribute to Solana’s contrasting trends. Market dynamics, investor sentiment, and external market factors may have influenced SOL’s price decline.

Additionally, while the surge in new addresses indicates growing interest, it is crucial to consider the nature of these addresses. Analyzing the activity associated with the new addresses, such as trading or long-term holding, could provide further insights into the situation.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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