The number of active addresses on the Solana network fell to 1.44 million amid SOL growth

The volatility has led to large-scale liquidations of positions, indicating an ongoing battle between buyers and sellers.

According to fresh data from Coinglass, the Solana market experienced more than $2.16 million in liquidations, with as much as $1.36 million coming from short positions near the $141 mark. This indicates that many traders who were expecting the price to fall were caught off guard by the rapid rise to an intraday high of $143.68. At the same time, the 24-hour SOL trading volume rose 9.12% to $3.17 billion, reflecting increased activity in the market.

Such an unexpected surge forced shorts to liquidate their positions, which further increased market volatility. Amidst this turbulence, Solana's onchain metrics show a disturbing trend in the form of a steady decline in the number of active addresses, reflecting the current market downturn.

A sharp decline in the number of active Solana addresses From a weekly peak of 1.68 million, the number of active addresses has fallen to a low of 1.44 million. We are talking about 368,335 users whose wallet balances are between 1 and 10 SOLs and 117,910 users with balances between 10 and 100 SOLs.

The drop in the number of active addresses indicates a decrease in investor involvement and their wariness against the backdrop of the current market situation. This trend may foreshadow an additional decrease in the market value of Solana.

At the same time, despite the current turbulence, market participants are counting on the emergence of a spot ETF on Ethereum. If this product receives regulatory approval, it could become a powerful catalyst for capital inflows similar to those seen earlier this year in the bitcoin market.

This development could lead to a wave of investment in the crypto sector, which would have a significant impact on Ethereum, and also has the potential to drive up the prices of other digital assets like Solana. This prospect makes traders and investors eagerly await wave effects that could change the market landscape.