May has started on a positive note for cryptocurrencies, but the real question is how the month will end. As we move swiftly toward the middle of 2026, last year’s focus on regulatory tariffs has given way to a new challenge: escalating Iran-related tensions now pose the biggest concern for crypto markets. Against this backdrop, what is the current outlook for Solana (SOL)? What do the latest figures reveal?
Network activity declines
Solana remains Ethereum’s strongest rival, maintaining healthy network activity even during a difficult bear market—outperforming several competitors. However, the current concern centers on Solana lagging behind its own previous performance. The number of weekly active addresses has dropped sharply from its February peak, even as social sentiment continues to hold up reasonably well.
According to Santiment’s latest compiled data, recent trends in network engagement paint a mixed picture for Solana.
Santiment reports that Solana’s weekly active address count has slipped to 2.89 million, down significantly from its February high of 5.01 million. With Solana currently ranking seventh by market capitalization, this stagnation has led to a noticeable reduction in wallets transferring SOL.
However, market sentiment toward Solana has surged to its highest level since January. On platforms like X, Reddit, and Telegram, there are now about 3.2 positive comments for every negative one. Growing consensus suggests that, after trailing Bitcoin and other large-cap cryptocurrencies and returning to its average, Solana is poised for a breakout. Whether this scenario materializes will largely depend on the network overcoming its current downward trend.
SOL Coin price movement
For 91 days, SOL Coin has been trading between $76 and $100 without challenging its key resistance zones since April. Bitcoin recently broke out upward from a similarly prolonged consolidation, sparking expectations that SOL Coin could soon do the same. If the price surpasses $96.5, buyers could target a rapid move toward $120.
Sosovalue figures show that sizable ETF inflows began just yesterday, totaling millions of dollars. Since the sell-off on April 24, SOL Coin has underperformed in ETF channels, but renewed investor appetite could provide fresh momentum to spot prices.
Analysts emphasize that attention will remain on whether Solana’s on-chain revival can translate to upward price movement. The improvement in sentiment offers hope, but fundamentals will need to catch up to fuel a sustained rally.
Despite recent stagnation, the broader mood among SOL holders is increasingly bullish as participation stabilizes and optimism about a rebound takes hold.
If Solana breaks key technical levels, it could attract more institutional investors, particularly with ETF inflows returning after recent lulls. This makes the short-term price action critical for market watchers.
While network usage is down, the contrast between social sentiment and on-chain activity suggests that Solana’s community remains confident in its prospects for recovery and growth in the coming months.
