{"id":534453,"date":"2023-05-22T19:00:46","date_gmt":"2023-05-22T19:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=534453"},"modified":"2023-05-22T17:34:17","modified_gmt":"2023-05-22T17:34:17","slug":"solana-sol-records-surge-in-active-addresses-but-onchain-activity","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-sol-records-surge-in-active-addresses-but-onchain-activity\/","title":{"rendered":"Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive"},"content":{"rendered":"<p><span class=\"selectable-text copyable-text\">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&#8217;s on-chain activity experienced a <a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/solana\" target=\"_blank\" rel=\"noopener nofollow\">decline<\/a> during May. <\/span><\/p>\n<p>Meanwhile, the asset&#8217;s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%.<\/p>\n<h2>On-Chain Activity Defies New Address Metrics<\/h2>\n<p>As of this month (May), Solana demonstrated growth in its user base, with 5.4 million new addresses <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/billions-of-dollars-tokenized-bitcoin-moved-to-ethereum-bsc-and-solana\/\" target=\"_blank\" rel=\"noopener \">joining the blockchain<\/a>. This surge represents the highest number of new addresses added since October 2022, hinting at a surge in interest in the Solana blockchain.<\/p>\n<figure id=\"attachment_534457\" aria-describedby=\"caption-attachment-534457\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-534457\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-22-at-17.21.56.png?resize=460%2C298\" alt=\"Number of new active addresses on the Solana Network.\" width=\"460\" height=\"298\"><figcaption id=\"caption-attachment-534457\" class=\"wp-caption-text\">Number of new active addresses on the Solana Network. | Source:<a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/solana\" target=\"_blank\" rel=\"noopener nofollow\"> IntotheBlock<\/a><\/figcaption><\/figure>\n<p>Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/billions-of-dollars-tokenized-bitcoin-moved-to-ethereum-bsc-and-solana\/\" target=\"_blank\" rel=\"noopener \">Billions Of Dollars Tokenized Bitcoin Moved To Ethereum, BSC, And Solana<\/a><\/div>\n<p><span class=\"selectable-text copyable-text\">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.<\/span><\/p>\n<figure id=\"attachment_534458\" aria-describedby=\"caption-attachment-534458\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-534458 size-medium\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-22-at-17.26.55.png?resize=460%2C311\" alt=\"Solana on-chain activity.\" width=\"460\" height=\"311\"><figcaption id=\"caption-attachment-534458\" class=\"wp-caption-text\">Solana on-chain activity. | Source: <a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/solana\" target=\"_blank\" rel=\"noopener nofollow\">IntotheBlock<\/a><\/figcaption><\/figure>\n<p><span class=\"selectable-text copyable-text\">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&#8217;s blockchain&#8217;s overall engagement and usage and why growth in activity has failed to impact its price positively.\u00a0<\/span><\/p>\n<h2><span class=\"selectable-text copyable-text\">Unique Circumstances For SOL<\/span><\/h2>\n<p><span class=\"selectable-text copyable-text\">Solana&#8217;s situation is unique due to the divergence between the increasing number of addresses and the decline in SOL&#8217;s price. While new addresses often correlate with positive growth indicators for cryptocurrencies, SOL&#8217;s price experienced a <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-sol-retests-multi-month-trend-line\/\" target=\"_blank\" rel=\"noopener \">more than 10% drop<\/a> since the beginning of May. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">Starting the month at $21.71, <a href=\"https:\/\/uniquehot.com\/analysis\/sol-price-prediction-solana-drops-22\/\" target=\"_blank\" rel=\"noopener \">SOL&#8217;s price<\/a> 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.\u00a0<\/span><\/p>\n<figure style=\"width: 2768px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/wE2fpzuS\/\" alt=\"Solana (SOL)\u2019s price chart on TradingView\" width=\"2768\" height=\"1556\"><figcaption class=\"wp-caption-text\">Solana (SOL)\u2019s price is moving sideways on the 4-Hour chart. Source: SOL\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ASOLUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p><span class=\"selectable-text copyable-text\">Solana&#8217;s market capitalization has also plunged in the past seven days. SOL&#8217;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 <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-sol-price-holds-ultra-strong-target-25-today\/\" target=\"_blank\" rel=\"noopener \">trading<\/a> volume has surged in the past few days.<\/span><\/p>\n<p>From $100 million and $150 million a few days ago to nearly $300 million <span class=\"selectable-text copyable-text\">in the last 24 hours.\u00a0<\/span><span class=\"selectable-text copyable-text\">The unique decoupling between Solana&#8217;s new address growth and price performance caught the crypto community&#8217;s attention.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana-co-founder-new-way-meme-coin-distribution\/\" target=\"_blank\" rel=\"noopener \">Solana Co-Founder Pitches New Way Of Meme Coin Distribution<\/a><\/div>\n<p><span class=\"selectable-text copyable-text\">Notably, Several factors could contribute to Solana&#8217;s contrasting trends. <a href=\"https:\/\/uniquehot.com\/news\/solana-co-founder-new-way-meme-coin-distribution\/\" target=\"_blank\" rel=\"noopener \">Market dynamics<\/a>, investor sentiment, and external market factors may have influenced SOL&#8217;s price decline. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">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.<\/span><\/p>\n<p>Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s on-chain activity experienced a decline during May. Meanwhile, the asset&#8217;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. Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement. Related Reading: Billions Of Dollars Tokenized Bitcoin Moved To Ethereum, BSC, And Solana 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. 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&#8217;s blockchain&#8217;s overall engagement and usage and why growth in activity has failed to impact its price positively.\u00a0 Unique Circumstances For SOL Solana&#8217;s situation is unique due to the divergence between the increasing number of addresses and the decline in SOL&#8217;s price. While new addresses often correlate with positive growth indicators for cryptocurrencies, SOL&#8217;s price experienced a more than 10% drop since the beginning of May. Starting the month at $21.71, SOL&#8217;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.\u00a0 Solana&#8217;s market capitalization has also plunged in the past seven days. SOL&#8217;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.\u00a0The unique decoupling between Solana&#8217;s new address growth and price performance caught the crypto community&#8217;s attention.\u00a0 Related Reading: Solana Co-Founder Pitches New Way Of Meme Coin Distribution Notably, Several factors could contribute to Solana&#8217;s contrasting trends. Market dynamics, investor sentiment, and external market factors may have influenced SOL&#8217;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<\/p>\n","protected":false},"author":580,"featured_media":517495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[142,6664,12837,83626,83627],"class_list":["post-534453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-crypto","tag-sol","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive<\/title>\n<meta name=\"description\" content=\"The Solana (SOL) blockchain has recently witnessed an intriguing divergence in its on-chain activity and the number of new addresses...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d 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\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s 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\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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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. Edyme\u2019s 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. 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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