Recent on-chain data reveals a significant decline in activity on the Solana network, with a 60% decrease in active addresses since October 2024. This decrease in user participation and transaction frequency coincides with a struggling market. The price of Solana reached its peak at $167.27 in October, but the declining active addresses have put downward pressure on the price. This decrease in activity typically leads to lower liquidity and diminished market activity, suggesting bearish market predictions. Solana's market value has also declined, with a 10.92% decrease in market capitalization. Binance's selling of its SOL token holdings has contributed to the downward trend. Technical indicators suggest that Solana's price may continue to decline unless there is significant buying from investors.



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