Solana's Price Impacted by Decline in On-Chain Activity and User Engagement
Solana's on-chain activity has been declining, with daily active addresses reaching a three-month low of 3.5 million. This decrease in active users reflects reduced market interest and adoption, leading to lower on-chain activity and potential price depreciation. The decline is also evident in the reduced DEX trading volume, which has hit a four-month low of $1.5 billion, and a significant drop in stablecoin transfer volume to $7.1 billion from $394 billion a month ago.