The number of active addresses on the Solana (SOL) network has declined by over 50% in recent months, while the price of SOL has increased. This suggests that the growing SOL value is a result of a few engaged consumers rather than increased network activity. Despite the decrease in active users, the rise in SOL price is seen as a positive sign for investors. The data also shows a correlation between price and active addresses, with both on the rise in October and November 2024. Technical indicators indicate bearish signals for the Solana price, but a potential rebound could occur if support is maintained above $170 and open interest starts increasing.



Other News from Today