Solana’s on-chain activity has weakened sharply. Data compiled by Santiment shows weekly active addresses at 2.89 million, down from a February peak of 5.01 million, a decline of about 42%. The drop points to fewer wallets moving SOL and highlights a slowdown versus Solana’s own earlier pace, even while the network remains one of the stronger competitors to Ethereum.
Weekly address count drops from 5.01 million to 2.89 million
The source describes Solana as still holding up relatively well through a difficult bear market compared with several rival chains. The issue now is internal comparison, not peer comparison. Network engagement has faded since February, and the decline in weekly active addresses has become a central measure of that cooling trend. This leaves Solana in an unusual position: community attention is holding up, but direct on-chain participation has pulled back.
Positive commentary reaches a 3.2-to-1 ratio
Social sentiment has moved the other way. According to Santiment, discussion across X, Reddit, and Telegram currently shows about 3.2 positive comments for every negative one, the strongest reading since January. The source says a growing view in the market is that Solana, after lagging Bitcoin and other large-cap crypto assets and then returning to average levels, could be setting up for a breakout. Whether that happens still depends on reversing the present downtrend in network usage.
SOL remains stuck between $76 and $100 for 91 days
Price action has also been range-bound. SOL has traded between $76 and $100 for 91 days and has not tested key resistance zones since April. With Bitcoin recently breaking upward after a similar consolidation period, attention has turned to whether SOL might follow. The source notes that a move above $96.5 could open the way to a buyer target near $120.
ETF inflows return as traders watch short-term levels
Sosovalue figures cited in the source show ETF inflows picked up yesterday, totaling millions of dollars. The report adds that SOL had underperformed in ETF channels since the April 24 sell-off, so the renewed appetite could give spot prices fresh momentum. For now, the split remains clear: sentiment has improved, ETF flows have returned, but sustained upside still appears tied to a recovery in on-chain activity.