Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive
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.
Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement.