Solana Wallet Growth Jumps While SOL Price Slips
Solana added 124% more new addresses from early September 2026, reaching about 1.71 million wallet creations per day, while SOL’s price fell 9% over a week to roughly $111. The wallet count may overstate real adoption because bots, airdrop hunters, and people opening multiple free addresses can inflate it. U.S. spot Solana ETFs also recorded $17.7 million in net outflows over three days in early October, adding pressure to the token.
Santiment data shows Solana's daily new wallet creations climbed 124% from early September 2026 to roughly 1.71 million. Stablecoin-holding addresses topped 14 million on October 7, a record. Meanwhile SOL traded near $111 on October 9, down 9% weekly and about 62% under its $293 peak, though up 7% over 30 days.
Address counts measure accounts, not people: creating one is free and instant, so bots, airdrop hunters, and exchanges can generate many. August alone saw about 5.2 billion non-vote transactions, largely automated. U.S. spot Solana ETFs lost $17.7 million net over three days in early October.
Traders and investors watching Solana may read headline wallet growth as adoption, though the metric could overstate genuine participation. Retail users drawn by cheap fees and tokenized assets might benefit from low costs, while those holding SOL could face continued price pressure if ETF outflows persist. Analysts and media may need to weigh stablecoin address data more heavily than raw wallet counts when judging real activity.