According to Santiment, the Solana network has experienced a 124% increase in growth since early September. The platform now records approximately 1.71 million new wallets created daily, while the number of daily active addresses has risen by 58%, reaching a total of roughly 4.27 million unique wallets.
Despite this user growth, institutional interest has declined. US spot Solana ETFs recorded outflows totaling $17.7 million over three consecutive sessions. This follows a period of high demand, where net inflows reached $188.2 million in the week ending September 25, before dropping to $2.4 million the following week.
Market pressure is also influenced by macroeconomic factors and price volatility. SOL was trading at $116.42, reflecting a 1.64% decline over 24 hours. Federal Reserve officials have indicated that further rate increases may be appropriate by the end of the year, citing persistent inflation risks.
Historical data for October shows mixed performance for Solana. Since 2020, the median return for the month is a loss of 1.59%, with the asset closing higher in three out of six years. Conversely, November has historically been stronger, with a median gain of 15.3%.
