Solana has seen its network activity grow despite its market value dropping by 49% from its September 17 local high.
According to Santiment Feed’s daily active addresses chart, Solana has witnessed a 32% decline in the last 30 days, in a month where the broader cryptocurrency market’s bloodbath has pushed several top-ranking coins down to lows that haven’t been touched since the first half of the year.
At the time of reporting, Solana traded at $127.5 after briefly recovering from a weekly low of $122 by 1.46%, with a slow but steady recovery in its market capitalization of $71.34 billion. Despite its price woes and no sign of a positive price recovery, Santiment’s analysis stated that investors are finding their way back to transacting in the blockchain, which could boost its value in the coming weeks.
Solana network activity on the rise despite months of dip
According to Santiment’s chart shared on X, the number of active addresses measured as a 7-day moving average over the past month rose from 3.45 million on October 20 to 3.65 million on November 20, a month-on-month increase of about 200,000 addresses. The first week, from October 20 to 27, saw active addresses surge from 3.45 million to approximately 3.60 million.
The move represented a 4.3% gain as network activity accelerated late in the month. An early November week of selloffs brought a brief pullback, with addresses dipping to around 3.52 million on November 2, a 2.2% downtick from the late-October high. Between November 2 and 5, active addresses climbed back again by 1.7% from 3.52 million to 3.58 million.
After that, it accelerated to 3.70 million by November 7. This was the strongest short-term expansion of the month, hailing from a weekly gain of 5.1%. November 7 onwards saw activity stabilize in the middle of 3.65 to 3.72 million, before active addresses peaked near 3.72 million a week later, then slightly consolidating to 3.65 million on November 20.
Despite this cooling, the overall monthly trend is clearly upwards compared to the period between June and late September. On the institutional interest in Solana-focused products front, Bitwise’s Solana Staking ETF surpassed $500 million in assets under management in just 18 days after counting inflows for 18 consecutive days, Cryptopolitan reported.
Yet, Solana is still trying to flip its 2-week support-turned-resistance level at $130, where sellers appear to be thwarting any charges from bulls since Friday’s US market trading close. Traders see potential for a rebound toward $140 if buyers continue adding to their positions, though a dip into the $120 liquidity area that was once touched yesterday cannot be ruled out before a recovery materializes.
