Solana On-Chain Metrics Are Rising, but SOL Price Stays Flat

The demand for Solana’s network has increased lately, although its price has not followed suit. But in the last month, Solana’s price has dropped to $143.03. It was formerly $158.58.

This token’s network saw a spike in new accounts and transactions, while the number of active wallets remained stable. Even with these exciting numbers, SOL’s price isn’t going up. This is making investors wonder when the price will experience a pump.

Surge in New Accounts and Transactions

On September 22nd, over 13 million new Solana accounts were created. That’s the most in the past week. This shows that people are still interested in using Solana.

Furthermore, there were more than 35 million transactions on Solana’s network yesterday. That’s the most in the last seven days. This means the Solana blockchain has been used a lot, especially in decentralized applications and DeFi platforms.

This action appears to be helping Solana, but it isn’t driving up costs. It appears that before deciding to sell or buy more SOL, investors are holding until anything substantial occurs.

Stable Wallet Activity

While new accounts and transaction numbers grew, the number of active wallets remained stable. The current wallet activity shows a steady user base that is not experiencing significant growth or decline. This stability can be viewed as a positive sign, demonstrating that existing users continue to engage with Solana’s offerings consistently.

However, the stability in wallet activity also aligns with the lack of movement in SOL’s price. The balance between new users and consistent engagement has yet to create a noticeable shift in market sentiment.

Solana’s Price Movement Remains Flat

Despite these promising metrics, Solana’s price showed little change. On-chain metrics often provide valuable insight into the network’s overall health but do not always result in immediate price changes. In this case, the rising numbers in accounts and transactions were not enough to drive significant price action.

The market appears to be in a waiting phase as traders and investors monitor for additional developments. Whether these on-chain metrics will eventually influence SOL’s price remains to be seen.

Read Also: Dogecoin (DOGE) Price Is Gearing Up for Another ‘Bullish Leg’ – Here’s Why $0.20 Is Next

The current situation with Solana’s on-chain metrics highlights a broader trend in the crypto market: even positive network activity does not guarantee price movement. Although with SUI, we see quite the opposite, so you never know in crypto.

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