On-chain activity on Solana has declined significantly, with weekly active addresses dropping to 2.89 million from a February peak of 5.01 million.
Despite this slowdown, bullish sentiment on social media has surged to its highest level since January, according to Santiment data, signaling growing optimism among investors.
This divergence between weakening network activity and rising sentiment may point to an accumulation phase, where market participants anticipate future upside despite current usage slowdown.