Despite a surge in new addresses joining the Solana (SOL) blockchain, its on-chain activity experienced a decline in May, which has raised questions about the factors influencing its overall engagement and usage. The decrease in on-chain activity is unique as it contradicts the influx of new participants, which typically suggests strong fundamentals for a blockchain.

SOL's price has also mirrored its on-chain activity, as it has been in a downtrend in the past week, down by nearly 10%. Several factors could contribute to Solana's contrasting trends, including market dynamics, investor sentiment, and external market factors. It is crucial to consider the nature of the new addresses, such as trading or long-term holding, to provide further insights into the situation.