User activity on the Solana network has continued to weaken, with the daily active addresses (7-day average) sliding to 3.33 million on October 5, 2025, the lowest level recorded this year, according to Glassnode.
This represents a sharp 63% drop from late-2024 highs of over 9 million active addresses, when Solana’s ecosystem was thriving with DeFi and NFT activity. The persistent decline through 2025 highlights reduced retail participation, even as the network remains one of the most efficient and developer-friendly blockchains.
Paradoxically, Solana’s price performance tells a different story. As per CoinMarketCap, SOL is trading at $167.51, up 5.96% in the last 24 hours, pushing its market cap to $92.7 billion. Meanwhile, 24-hour trading volume has jumped 54.6%, suggesting renewed investor interest despite shrinking on-chain engagement.
Analysts note that the current trend underscores a shift from user activity to investment-driven growth, with institutional demand, staking, and speculative momentum sustaining price levels. To maintain long-term health, Solana will need to revitalize on-chain participation and attract more active wallets alongside its rising valuation.
