The Solana network has recently seen significant movements of dormant coins, as revealed by on-chain data. This development raises questions about the implications for the cryptocurrency market.
Solana Coin Days Destroyed Sees a Significant Spike
According to a recent post by the on-chain analytics firm Glassnode, the Coin Days Destroyed (CDD) indicator for Solana has exhibited a substantial uptick. A ‘coin day’ accumulates when one token of an asset remains dormant—meaning it does not partake in any transaction—for a full day.
When such a dormant token is moved, the respective coin days counter is reset to zero, thereby ‘destroying’ those coin days. The CDD tracks the total number of these destroyed coin days across the network.
A spike in the CDD typically indicates that dormant coins are being activated and engaged in transactions. This trend is commonly associated with long-term holders (LTHs), who are known for their patience in holding assets for extended periods. Because they accumulate large numbers of coin days, any transfers made by these holders tend to result in significant CDD values.
The chart below illustrates the Solana CDD trend over the past few months:
The spike mentioned in the graph highlights that LTHs have recently engaged in transactions that resulted in the destruction of approximately 3.55 billion coin days. Notably, this spike is one of the three largest recorded in 2025, with previous peaks recorded on February 26th at 5.53 billion and March 3rd at 4.64 billion.
Movements from LTHs typically raise concerns regarding the asset’s price as they often only reactivate dormant coins when they intend to sell. Thus, such significant spikes warrant attention as they may indicate a shift in the sentiment of these long-term holders.
It is worth mentioning that the previous two larger spikes occurred in quick succession, followed by a smaller spike later in March. This pattern may suggest a loss of conviction among some long-term holders during that timeframe.
The crucial factor now remains whether this latest spike in Solana CDD will be part of a continuing trend or simply a singular event.
SOL Price Analysis
As of the time of writing, Solana is trading at approximately $153.9, reflecting a decline of over 10% in the past week.
