Crypto: Euphoria returns around Solana despite a network losing speed

Solana once again finds its place in crypto discussions. Indeed, on social networks, optimism around SOL is reaching heights that the market has not seen for several months. However, behind this speculative euphoria, on-chain data paints a much less rosy picture. While investors are betting on a possible rebound in the token, actual network activity continues to slow down. This contrast is starting to worry analysts specializing in blockchain metrics.

Solana regains favor with investors

Optimism around Solana is clearly accelerating on social platforms. According to Santiment data, the positive/negative sentiment ratio around SOL now stands at 3.2. In other words, bullish publications would be more than three times higher than bearish messages concerning the asset.

The analytics company explain that this dynamic translates “that this increasingly present narrative suggests that the asset could prepare for a bullish breakout after having underperformed bitcoin and other large caps, with a gradual return to its mean”. This renewed confidence comes after several weeks of marked volatility which severely shook the crypto market at the start of the year.

A few elements particularly stand out from the data published by Santiment:

• The positive/negative sentiment ratio reaches 3.2;
• Optimistic publications largely dominate discussions around SOL;
• The market anticipates a possible catch-up of Solana against bitcoin and other large caps;
• The renewed social interest was reinforced after the turbulence observed in February;
• Investors are speculating on a potential breakout of the token.

The return of this enthusiasm also fits into a context where some investors consider Solana to be an asset lagging behind bitcoin and the main capitalizations in the sector. This positioning fuels expectations of a possible catch-up.

Santiment points out that phases of market consolidation often favor the emergence of this type of speculative narrative, especially when traders look for opportunities capable of outperforming during a new bull cycle.

Network activity declines despite rising sentiment

While social interest is growing, actual usage of the Solana network is showing signs of waning. Santiment on-chain data reveals a sharp decline in daily active addresses over the past few weeks. Over the last seven days, the blockchain has recorded approximately 2.89 million active addresses, compared to 5.01 million at the peak observed in February. This is the lowest level recorded in four months. This decrease comes after a period of strong activity fueled by market volatility and the intensification of speculative trading.

Santiment believes this drop in participation reflects a gradual slowdown in user engagement after the euphoria seen earlier in the year. The gap between social metrics and network data then becomes particularly visible. On the one hand, investors are showing growing optimism around a potential SOL breakout. On the other hand, activity indicators show less sustained use of the blockchain. This divergence draws attention because it may signal a market driven more by expectations than by an organic increase in economic activity on the network.

This contrast could become a determining element for Solana's trajectory in the coming weeks. If renewed investor confidence continues to fuel speculative volumes, the SOL price could benefit from further upward momentum in the short term. Conversely, prolonged weakness in on-chain indicators could fuel doubts about the real solidity of the movement. The market will now have to arbitrate between the enthusiasm of social networks and the fundamentals of the network itself.