Solana’s New Addresses Surge 124% While SOL Price Drops 9%. What’s Going On?

Solana is minting millions of new wallets while its token quietly bleeds value, and the reason reveals something uncomfortable about how blockchain growth gets measured.

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New addresses on Solana (CRYPTO: SOL) have surged 124% since early September 2026, according to on-chain analytics firm Santiment. This increase translates to around 1.71 million new wallets being created each day. Additionally, the number of addresses holding stablecoins on the network surpassed 14 million on October 7, setting a new record.

However, the SOL price moved in the opposite direction. On October 9, SOL was trading at nearly $111, marking a 9% drop over the last week and putting it about 62% below its all-time high of $293. Despite the recent dip, it has gained 7% over the past 30 days. Just four days ago, SOL was trading near $121.

With so many new wallets appearing on Solana, why isn’t the price following suit?

Solana’s 124% Address Jump Counts Wallets, Not People

The figure from Santiment reflects the growth in network addresses, which counts addresses appearing on the blockchain for the first time. An address acts like a public account number, and creating one is quick and free, allowing individuals or trading algorithms to set up multiple addresses.