On-chain data shows the Solana network has just witnessed a significant movement of dormant coins, raising questions about the implications for the cryptocurrency.
In a recent post on X, the on-chain analytics firm Glassnode discussed a notable trend in the "Coin Days Destroyed" (CDD) indicator for Solana. A 'coin day' is the amount of time a token remains inactive, and when such a token is moved, its coin days counter resets to zero, indicating that those coin days are 'destroyed.' The CDD metric measures the total number of coin days reset across the network.
A spike in this indicator suggests that dormant coins may be changing hands, typically indicating transaction activity from long-term holders (LTHs), who tend to hold significant amounts of coin days. Transfers from these holders can lead to the destruction of many coin days.
The chart for Solana’s CDD shared by Glassnode indicates a recent large spike, suggesting that LTHs have been active in transactions, resulting in the destruction of a massive 3.55 billion coin days. Notably, there have only been two larger spikes in 2025, with values of 5.53 billion on February 26 and 4.64 billion on March 3.
LTHs typically engage in transactions when they are considering selling, which can impact the cryptocurrency's price. Such significant spikes warrant attention as they may indicate a shift in holder sentiment.
The two larger spikes occurred consecutively, followed by a slightly smaller spike later in March, suggesting that some long-term holders may have lost confidence during this time.
It remains uncertain whether the latest spike in Solana’s CDD will lead to further movements or if it was merely a one-time event.
As of the time of writing, Solana is trading at approximately $153.9, having decreased by more than 10% over the past week.
