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Data shows social media sentiment around Solana has been rising recently, but network utility has actually followed the opposite path.
In a post on X, analytics firm Santiment highlighted changes in two Solana-related metrics: Positive/Negative Sentiment and Daily Active Addresses.
According to the chart, Positive/Negative Sentiment has been increasing for Solana, signaling an improvement in investor mood. Santiment noted that the metric had dropped in February following a price crash, but it did not fall below 1—suggesting sentiment did not fully turn bearish.
The recovery appears to have been gradual at first, with April showing an accelerated rebound. At the time of writing, Positive/Negative Sentiment is around 3.2, indicating that social media users are making more than three bullish posts for every bearish comment. Santiment also referenced a growing narrative that Solana could be positioned for a breakout after trailing Bitcoin and other large-cap assets, alongside “regressing to the mean.”
While sentiment improved, Daily Active Addresses moved in the opposite direction. This metric tracks the total number of addresses involved in transaction activity on the network each day. Santiment’s chart suggests participation rose in January and peaked around the bottom in February, which aligns with the idea that volatile price action can attract trader attention.
After the February low, the broader digital asset sector entered consolidation, and Daily Active Addresses declined as investor interest faded. More recently, the metric has fallen to especially low levels. Santiment reported that there were 2.89 million addresses that made transactions during the past week, compared with 5.01 million during the February high.
At the time of writing, Solana is trading around $89, up more than 5% over the last 24 hours.
