Solana's on-chain data shows significant wallet growth accompanied by price declines on exchanges, indicating a shift in user behavior.
Growth in Solana Wallets
A recent tweet by Ali Martinez reports that over 11.12 million wallets hold more than 0.1 SOL, marking a new all-time high in network use. Between March 18 and March 27, Solana recorded increased active wallet addresses reaching 11.198 million by March 27, marking a sharp rise in user activity.
Exchange Outflows and Long-Term Strategy
In parallel with wallet growth, Solana has also been experiencing constant exchange outflows since June 2024. This behavior suggests traders might be shifting towards long-term asset holding.
Solana Price Pressure Amid Market Caution
Solana's price has come under pressure in recent sessions, dropping 4.27% to $125.35 by March 29. This decline coincided with a 23.28% fall in trading volume to $2.63 billion.
Recent trends in Solana's network indicate user base growth but also highlight pressure on the asset's price. The shift towards more long-term asset holding may point to a strategy change among users.
