TLDR:
- Solana daily transaction count dropped from 125M to 64M while its price continued to rise.
- Analysts warn of a possible divergence between Solana’s market value and on-chain activity.
- 80–90% of Solana’s transactions are validator votes, not user-driven transfers or DeFi actions.
- Traders eye Solana ETFs and $600 targets despite slowing network usage and market caution.
The Solana blockchain is showing mixed signals. Prices keep climbing while network transactions sharply decline. Market observers are watching closely, trying to figure out whether this is a healthy rally or one built on speculation.
The contrast between rising prices and falling usage is stirring questions among analysts. The next few weeks may reveal if Solana’s strength is genuine or if it’s running on market hype.
On-Chain Activity Falls as Solana Price Holds Firm
According to CryptoQuant, Solana’s daily transaction volume has dropped from about 125 million in late July to roughly 64 million. That’s nearly a 50% reduction.
The data was highlighted in an analysis by CryptoOnchain, who noted that the decline coincided with Solana’s recent price rally.
This gap between price and usage is catching attention. Analysts say it could show that speculation, not real network demand, is fueling the move.
In healthy market conditions, higher prices usually align with greater activity across decentralized apps, trading, and transfers.
However, the situation may not be so simple. Most of Solana’s transactions, often 80 to 90 percent, come from validator voting processes that keep the network running. If the current drop reflects fewer of these consensus-related actions rather than user transactions, then concerns might be overstated.
Still, the numbers present an odd picture. Investors want to know whether actual usage in DeFi, NFTs, and payments is falling while the token’s price continues upward.
Analysts Split on What Comes Next for SOL Price
At press time, Solana’s price remains steady near $223.47, according to CoinGecko, with $7.8 billion in daily trading volume. The token is up 0.83% in the past 24 hours but down slightly over the week. Some analysts view this pause as a sign of market balance before the next move.
Crypto analyst Jelle said he expects Solana to see “a fat green candle” soon, noting optimism around potential ETF approvals.
He cited data from 21Shares showing Solana’s annual revenue at $2.85 billion, roughly 30% higher than Ethereum’s growth rate. His near-term price target sits around $600, assuming momentum holds.
Still, technical watchers remain cautious. The divergence between Solana’s transaction data and its price action has some traders anticipating a correction if user-driven activity keeps fading.
Whether Solana’s rally continues or cools depends largely on where this transaction drop comes from, and how fast the network’s real users return.
