On-chain data shows that the network growth indicator has continued to decline for Solana recently, a sign that adoption of the asset has remained weak.
The growth of the Solana network has slowed
This is evident from data from an analysis company in the chain SantimentSOL’s recent price recovery has come despite a decline in network growth. This metric measures the weekly total number of addresses coming online to the blockchain for the first time. A wallet comes “online” to the network when it participates in some transfer activity. So the wallets that the Network Growth counts are the ones that make their first transaction on the network.
When the Network Growth value is high, it means that a large number of addresses are created on the blockchain. Such a trend could be a sign that an influx of users is taking place. On the other hand, a low indicator indicates that not many new addresses are being generated on the network, which could be a possible indication that the chain is not attracting new investors.
Here is the graph shared by Santiment showing the trend in Solana network growth over the past few years:
As can be seen from the chart above, the Solana Network Growth has recently witnessed a decline despite the fact that the SOL price has made some recovery since the December low. This suggests that the bullish price action has failed to draw new attention to the cryptocurrency.
Historically, rallies generally required the entry of new investors to be sustainable, as it was increased trading activity that gave them the fuel to continue.
In the chart, Santiment has highlighted the case of a rally where this requirement was not met. Network growth was initially at a significant level, but as this price increase from 2025 played out, the value of the metric plummeted. This could be a potential factor behind the rally eventually running out of momentum.
The opposite conditions were in place in late 2024, when network growth skyrocketed along with the Solana bull run, implying that adoption supported the price increase. Given these past cases, the indicator may need to reverse its trajectory if SOL recovery continues.
The latest downward movement in network growth is also not the only development SOL is currently facing. The chart shows that the indicator has been on a long-term downward trend since its peak in November 2024.
At the time, the metric had a value of 30.2 million, but today this figure has fallen to just 7.3 million. It now remains to be seen whether the long-term decline in Solana adoption will continue or whether there will be a reversal.
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