Solana Price Rises to $86.88 Amid Decreasing DeFi Activity

The Solana cryptocurrency has seen its price reach $86.88, representing a 3.65% increase from the previous day's value.

This uptick in value follows the footsteps of Bitcoin, which has reached a weekly high of $70,000 despite geopolitical tensions.

However, despite this surge in price, DeFi activity on the Solana network has decreased significantly since early February.

The number of active addresses on the Solana network has dropped by over 40%, from around 6.53 million to between 3-4 million daily/average numbers.

This decline in user engagement is a notable trend, especially considering that Solana was one of the most heavily traded cryptocurrencies during the memecoin-driven frenzy.

Furthermore, total value locked (TVL) in DeFi protocols on the Solana network has contracted by around 50%, from $13.2 billion in mid-September to current figures around $6.5-6.7 billion.

These divergences between price action and on-chain metrics may indicate a post-hype maturation phase for Solana, where speculation and ETF inflows drive short-term price increases, while more sustainable usage patterns are developing in the background.