On-chain data shows that Solana’s on-chain growth rate has continued to decline recently, meaning adoption of the asset remains faint.

The growth of the Solana network is degenerating

According to data from an on-chain analytics company Saintlythe recent recovery in SOL prices occurred despite degenerating network development. This metric measures the weekly total number of addresses that come online for the first time on the blockchain. The wallet goes online when it participates in some transfer operation. Therefore, the wallets counted by Network Growth are those that make their first transaction on the network.

When the Network Growth value is high, it means that a enormous number of addresses are being created on the blockchain. This trend may indicate an upcoming influx of users. On the other hand, a low level of the indicator suggests that there are not many recent addresses in the network, which may indicate that the network does not attract recent investors.

Here is a chart provided by Santiment that shows the growth trend of the Solana network over the last few years:

As you can see in the chart above, Solana network growth has seen a decline recently, despite the fact that the SOL price has seen some recovery from its December low. This suggests that the bullish price action was unable to bring recent attention to the cryptocurrency.

Historically, rallies generally required an influx of recent investors to be sustainable, as increased trading activity provided the fuel to keep them going.

In the chart, Santiment highlighted a case of a rally where this requirement was not met. Network growth initially remained significant, but as the 2025 price increases progressed, the value of this indicator dropped sharply. This could be a potential factor that ultimately causes the rally to lose momentum.

The opposite conditions prevailed in behind schedule 2024 as network growth gained momentum with the Solana bull run, meaning adoption supported price appreciation. Given these past instances, it is possible that the indicator will need to change its trajectory if the SOL stock recovery is to continue.

The recent downward move in network development isn’t the only change SOL is currently dealing with. From the chart, we can see that the indicator has undergone a long-term downtrend, starting from its peak in November 2024.

Back then, the value of this indicator was 30.2 million, today this number has dropped to only 7.3 million. Time will tell whether Solana’s long-term decline in admissions will continue or if there will be a turnaround.

SOL price

On Sunday, Solana returned to the $144 level, but the coin price returned to the $139 level earlier in the week.