- Solana’s weekly active addresses dropped from 5.01 million in February to just 2.89 million.
- Bullish sentiment hit 3.2 positive comments for every one bearish comment across all platforms.
- Solana leads daily app revenue at $2.6 million while DEX volume surged to $1 billion per day.
Solana is sending two conflicting signals at once, and the crypto market is trying to decide which one to believe. On-chain activity has dropped. Weekly active addresses have fallen from a high of 5.01 million in early February to just 2.89 million in the most recent week, reflecting fewer wallets moving SOL and reduced transactional engagement with the network.
The price has largely reflected that, with Solana trading sideways below $98 for months after falling from around $145 to the $75 area following February’s broader market drop.
And yet sentiment has moved in the opposite direction entirely. The ratio of bullish to bearish comments across X, Reddit, and Telegram has reached approximately 3.2 positive for every one negative, the highest reading since January. A growing narrative has taken hold that Solana is overdue for a catch-up move after trailing Bitcoin and other large caps through the recovery.
Solana is trading at $87.33 at press time, up 3.08% in the past 24 hours and outperforming the broader market’s 1.08% gain, with the move driven primarily by news from Consensus Miami, including the Alpenglow upgrade timeline and an Anchorage Digital and JPMorgan stablecoin initiative.
The On-Chain Case for Patience
A notable divergence in the data shows that network utility metrics tell a different story from price and active addresses. Solana is still leading the industry in application revenue at approximately $2.6 million daily. DEX volume has surged to nearly $1 billion per day and over $9.5 billion weekly, reflecting genuine user engagement and capital movement across the ecosystem.
Demand has not been strong enough to translate on-chain usage into a price breakout, even with solid underlying fundamentals.
What the Contrarians Are Saying
Some analysts are treating the combination of low activity and rising sentiment as a classic setup rather than a contradiction. The argument is that when metrics are healthy but price is depressed, and the crowd is still skeptical, the conditions for a move higher are quietly assembling.
The technical level most analysts are watching is $85.50. A sustained hold above that signal line keeps the upside case intact. A failure to hold it pushes the consolidation phase further.
Whether sentiment converts into actual buying pressure or fades as it has several times since February will determine whether Solana’s next chapter is a breakout or another extended wait.
Related: Solana Price Prediction: Polymarket Prices $90 At 70% As Ethereum Money Moves In
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