Solana is up more than 5% in the last 24 hours, trading around $89, and the vibe on social media is overwhelmingly positive – but the network’s daily active addresses have slipped to a four-month low. The divergence raises a familiar question: is momentum real, or just noise?
Sentiment defied February's rout
Santiment's Positive/Negative Sentiment ratio for Solana sits at about 3.2, meaning there are more than three bullish posts for every bearish one. That’s notable because even during the February price crash, the ratio never dipped below 1. Sentiment never turned outright bearish, even when prices were getting hammered. Traders kept talking up the network.
Active addresses slide as traders step back
But the on-chain picture tells a quieter story. Daily active addresses averaged just 2.89 million over the past week – the lowest since January. That’s a sharp drop from the February peak of 5.01 million, when volatile price action was drawing in speculators. Santiment attributes the decline to market consolidation following that February low. Essentially, the frenetic trading that pumped up address counts has cooled, and the network is settling into a more subdued rhythm.
Breakout narrative gains traction
Santiment notes a growing narrative that Solana is primed for a breakout after trailing Bitcoin and other large caps. The idea is that the positive sentiment, combined with a period of consolidation, could set the stage for the next leg higher. Whether that plays out depends on whether the address decline is just a temporary lull or a sign of fading interest. For now, the market seems willing to bet on the former.
