Recent on-chain data shows a significant decline in Solana network activity, impacting the asset's market valuation.
Solana Network Activity Decline
According to Glassnode, active addresses on the Solana network have decreased from 18.5 million in October 2024 to 7.3 million in February 2025. This sharp drop coincides with market struggles, putting pressure on the asset's price. In October, SOL's price reached $167.27, but the decrease in network activity has led to further price challenges.
Impact on Market Value
Solana's current price stands at $135.97, a 13% decrease. Market capitalization has fallen by 10.92% to $67.35 billion. The trading volume in the last 24 hours was $10.52 billion, reflecting heightened selling activity. Major SOL sales from Binance have pressured the market, leading to continued price declines.
Solana Technical Analysis
Technical indicators point to an ongoing downward trend for Solana. The chart shows a descending channel with new lows and highs being reached. A break below the $135 mark could lead to prices falling further to $120 or lower. The Money Flow Index is at 10.34, indicating an oversold state. Solana may face additional pressure unless significant investor buying occurs.
The decrease in Solana network activity and market pressure may indicate further challenges for the asset in the coming months. Market participants should remain attentive to current trends and changes in investor activity as they await stabilization.
