Solana Sees User Growth Despite Price Volatility
The Most Important Points at a Glance
Solana is experiencing strong growth in active wallet addresses. Despite this positive development, the Total Value Locked (TVL) in the Solana ecosystem has declined since the beginning of the year. Price movements remain volatile, but long-term investors seem to continue believing in the blockchain’s potential.
Rising User Numbers Despite Price Decline
Data from Glassnode shows that the number of wallets holding at least 0.1 SOL increased from 9.2 million at the end of December 2024 to over 11 million by March 21, 2025. This trend indicates a growing user base, even though the SOL price has dropped from over 180 USD in January to around 129.54 USD.
This discrepancy could suggest that smaller investors are continuing to accumulate SOL, possibly in anticipation of long-term price gains.
Decline in Total Value Locked (TVL) in the Solana Network
According to DeFiLlama, Solana’s TVL has fallen from over 11 billion USD in January to below 6.4 billion USD. This could be due to lower capital allocation in the DeFi sector, possibly driven by macroeconomic uncertainties and reduced incentives.
Despite the decline, the current TVL remains significantly above 2023 levels, indicating that the Solana ecosystem continues to play an important role in the DeFi space.
Solana’s Price Development – Sideways Movement with Accumulation
At the time of analysis, SOL was trading below the 50-day moving average (135.50 USD) and the 200-day moving average (188.05 USD), indicating a continued downward structure. However, the Accumulation/Distribution Line shows a steady increase, suggesting that institutional investors are still buying at current levels.
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With relatively low trading volume and resistance at 135 USD, the price could remain in a narrow range in the short term. However, if the network continues to grow, this could serve as a catalyst for future price increases.
Our Assessment
Solana demonstrates solid network activity with rising user numbers, while TVL remains under pressure. Price development remains uncertain, but ongoing accumulation suggests that long-term investors still have confidence in the project. If the network’s fundamental strength is reflected in price performance, SOL could regain value in the medium term.
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