Solana on-chain data does not reveal a positive picture for this fast-growing L1 blockchain network. Some of the most important numbers are on the decline in the last few days.
At the same time, the SOL price is performing decently, up 3% today and now trading around $135. Let’s delve into these numbers and explore whether this is a worrying sign for Solana holders.
Solana’s New Accounts and Active Wallets
Per Solscan’s data, the number of active wallets decreased today to around 3 million. For comparison, just a couple of days before, the number of active wallets was over 5 million. Also, SUI’s network, for example, had over 1 million active wallets yesterday.
This could be concerning purely because Solana is around 20x bigger than SUI in terms of market cap, yet this metric is now just 3x higher.
It’s worth noting that 5+ million active accounts yesterday was a 3-month high for Solana. Throughout the summer, the number of active wallets was floating around 1 million daily.
However, the number of new accounts is lower compared to summer. Looking at the last 3-months data, the number of new accounts was over 20 million during July, while now in September it floats between 8 and 11 million.
The number of transactions is on a modest decline in the last 3 months, fluctuating between 250 and 300 million daily.
Solana’s biggest exchanges, Jupiter and Raydium, saw a decline in the number of active users in the last 24 hours. Specifically, Raydium has over 40% less compared to the same time yesterday.
Should These Metrics Worry Solana Holders?
The recent decline in on-chain metrics might raise some concerns among Solana traders, but it’s also important to view these numbers in context.
Solana had a big growth over the past year, and some fluctuation in user activity is normal for any blockchain network.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
The decrease in active wallets and new accounts could be attributed to various factors, such as market conditions, seasonal trends, or even temporary shifts in user behavior. It’s crucial to observe these metrics over a longer period to determine if this is only a temporary dip. Solana’s ecosystem and continued development efforts suggest that the network still has strong potential for growth and adoption.
CaptainAltcoin’s team will, of course, follow Solana’s performance and on chain metrics and report whenever we see a change, like we did just now.
Read also: Whales Massively Buying Solana! This Trader Predicts Where Is The SOL Price Headed Next
Solana Alternative to Consider
PandaWorld is an emerging blockchain ecosystem that combines the viral appeal of meme coins with the practical utility of gaming and casino platforms. Centered around six panda siblings with unique abilities, PandaWorld offers a diverse digital experience encompassing a meme coin platform, a casino, and a turn-based RPG game.
The project’s native token, PADW, is currently in its presale phase and has already raised over $115,000. Interested investors have the opportunity to acquire PADW tokens at discounted prices during this early stage.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Should These Declining Solana On-Chain Metrics Worry SOL Holders? appeared first on CaptainAltcoin.