The post Solana Gains Over 10% Amid Declining On-Chain Activity! Here’s What To Expect Next appeared first on Coinpedia Fintech News
The Solana network is struggling to maintain its on-chain activity amid declining trading interest. Recently, the crypto market witnessed a crash that led to a price correction for SOL, driving its value towards support levels. Although SOL’s price later rebounded, the continuous low on-chain data is causing concerns among investors about the sustainability of this upward movement.
Solana Faces A Drop In New And Active Addresses
In the past 24 hours, the price of SOL experienced a significant increase, resulting in a substantial wave of liquidations by sellers. Data from Coinglass reveals that there was a total of $13.2 million in SOL liquidations, with approximately $9.5 million of that amount coming from the liquidation of short positions.
The Block’s data dashboard reveals that the Solana blockchain has seen a notable decrease in new
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