Solana Faces a 49% Drawdown, But On-Chain Activity Show a Deep Bullish Shift

Solana is back under pressure. The asset has now dropped -49% from its local top on September 17th, marking one of its sharpest drawdowns of the year.

Market sentiment around the chain looks shaky. Price volatility remains high. And many traders are watching every candle.

But underneath that pricing noise, something else is happening. Something different from the last selloff.

This time, Solana’s on-chain activity is rising, new wallets are accelerating, and ETFs are pulling in hundreds of millions in fresh inflows. And now, the chain’s developers just proposed a tokenomics change that could reshape SOL’s long-term supply curve far faster than expected.

What looks like a correction on the surface is turning into one of the strongest fundamental pivots Solana has seen in months.

Solana’s price is falling. Its users are not.

According to new on-chain data, the number of interacting addresses is trending upward even as SOL continues to retrace. The same pattern shows up in new wallet creation, which has surged throughout the past week.

This is not normal behavior in a correction. Most chains see user activity drop alongside price. Solana is showing the opposite, a clear divergence between market sentiment and network demand.

This divergence is exactly what analysts look for during major bottoms. It signals that real usage is increasing while price reacts to external fears, liquidations, or short-term sentiment swings. When usage rises into weakness, it typically sets the foundation for a stronger rebound.

Santiment flagged this trend earlier, noting that Solana’s metrics now match the early setups from previous accumulation zones.