- Solana’s price holds near $220 amid market volatility, buoyed by hopes for spot ETFs.
- On-chain daily transactions have fallen by 50% from the July peak of 125 million.
- Total value locked remains above $32 billion despite reduced on-chain activity.
Solana (SOL) has traded around $220 as on-chain data reveals a sharp contraction in network activity. While the drop in transactions is notable, optimism around potential spot ETF approvals and rising institutional interest continue to support the token.
Solana records a 50% drop in daily transactions
A recent CryptoQuant report shows that Solana’s daily transaction count has plunged in recent months. The metric has declined by nearly 50% from its July highs.
CryptoQuant shared that transaction volume fell from about 125 million on July 24 to roughly 64 million, signaling a substantial pullback in on-chain usage.
Solana Chart Analysis: A Nearly 50% Drop in Transactions Amidst Price Rally
“The daily transaction volume has plummeted from its peak of approximately 125 million on July 24, 2025, to a current level of around 64 million.” – By @CryptoOnchain pic.twitter.com/8MgIAb8p9i
— CryptoQuant.com (@cryptoquant_com) October 9, 2025
The decline, highlighted in CryptoQuant’s October 9 analysis, points to potential capital outflows and weaker retail engagement even as SOL’s price rose more than 20% over the same period.
Analysts argue that the price rise appears disconnected from underlying network activity.
“The sharp drop in transaction count strengthens the case that the recent price rally may be driven more by market sentiment and speculative flows than by a sustainable, organic increase in demand for the Solana network,” wrote CryptoQuant analyst CryptoOnchain.
Price outlook as bulls defend the $220 area
Despite reduced on-chain activity, SOL has stayed above $200 and remained close to $220 at the time of writing.
Market watchers note growing whale accumulation and say the possibility of a spot Solana ETF has put bulls largely in control.
Technical indicators back this view. The daily chart shows the 50-day moving average trending upward, providing dynamic support near $217.
The relative strength index (RSI) sits around 46, indicating neutral momentum — suggesting buyers may need to reposition to avoid fresh declines.
If momentum holds, there is room to test higher key levels before reaching overbought conditions.
Price chartSOL on TradingView
A decisive close above $230 could invalidate bearish setups, while the $236–$255 range represents a critical resistance zone.
What supports Solana’s market strength?
Observers point to Solana’s matured infrastructure and rising institutional interest as fundamental supports.
The likelihood of spot Solana ETFs launching in the coming weeks remains in focus, despite broader macro and political distractions such as the U.S. government shutdown.
Solana’s price could see notable upside if the SEC approves more filings following its recent guidance to issuers.
Bloomberg ETF analyst Eric Balchunas highlighted industry fee competition on X, noting one issuer plans a low-fee spot Solana ETF, a factor that could make products more attractive to investors.
Bitwise not playing around, plans to charge just 0.20% for their spot Solana ETF. Thought we’d see higher first, need war to get this low. They prob figured it’s gonna end up there anyway so just do it now (veteran Terrordome move right there). Low fees have near perfect record… https://t.co/wzoy2deqie
— Eric Balchunas (@EricBalchunas) October 8, 2025
Net inflows into Solana-focused crypto products have risen in the past two weeks, with a weekly record inflow of $706 million reported last week.
Importantly, Solana’s price action is becoming less tied to short-term noise as DeFi adoption on the chain grows.
Total value locked (TVL) dipped 2% in the past 24 hours but remains above $32 billion, while open interest has risen to $14.7 billion, underscoring continued capital commitment to the ecosystem.