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.
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%....
