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.
CryptoOnchain pointed out that as Solana began its rally around July from about $160 to $230, its network activity saw a stark opposite.
In the chart shared by the on-chain analyst, we see a significant decline in the 7-Day Moving Average (MA) of active addresses. From the beginning of the third quarter, the 7-Day MA dropped from as high as 3.4 million to roughly 2.2 million addresses to end the period.
Adding an important caveat, the crypto analyst mentioned that the evaluation thrived on counting active addresses using the “Signer Method.” This method is important because “only unique addresses that have signed and sent successful transactions (success = true) are included,” thus providing analysts with a precise measure of users actively interacting with the network.
CryptoOnchain further explained that the growing negative divergence currently occurring in the Solana market points to something interesting within the blockchain.
As of recent times, Solana’s price rally seems to be less driven by network adoption and user base activity, and rather by speculative activities, large-volume transactions by whales, or other market factors.
For now, the SOL price still maintains a healthy bullish structure as it looks to resume its run to the upside. If user activity, however, continues to weaken as its price momentum persists, the market could struggle to keep up once all speculation driving its current growth fades.
As of this writing, Solana is valued at about $186, reflecting an over 15% decline in the past 24 hours. This deep correction comes on the back of the United States President Donald Trump’s declaration of a 100% tariff on Chinese goods.
