Solana has displayed an impressive performance in the crypto market over the past three months, with its price seeing a sharp growth from around $160 to as high as $230. However, recent on-chain data shows a less optimistic picture underneath the surface.

Solana Network Activity On The Decline

In a Quicktake post on the CryptoQuant platform, pseudonymous analyst CryptoOnchain revealed that there has been an increasing negative divergence between Solana’s price and the number of active addresses working with its network.

The online pundit’s report was based on the Solana Daily Active Addresses Vs Sol Price metric. This metric tracks the relationship between Solana’s market price and the number of unique addresses actively interacting with its network over the past 90 days.

CryptoOnc

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