- Solana price steadies near $220 amid market volatility, supported by hopes for spot ETF approvals.
- Daily network transactions have fallen about 50% from July’s peak of 125 million.
- Total value locked remains above $32 billion despite reduced on-chain activity.
Solana’s price is trading around $220 even as on-chain indicators show a notable decline in network activity. While daily transactions have dropped roughly half since the July high, optimism about possible spot exchange-traded fund (ETF) approvals and increased institutional interest continue to support SOL.
Solana records a roughly 50% decline in daily transactions
On-chain analytics from CryptoQuant indicate that Solana’s daily transaction count has decreased sharply in recent months. The metric fell from about 125 million transactions on July 24 to approximately 64 million, representing nearly a 50% contraction.
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
— CryptoQuant.com (@cryptoquant_com) October 9, 2025
CryptoQuant’s October 9 analysis highlights the drop as a potential sign of capital outflows and reduced retail engagement, even as SOL’s market price rose more than 20% over the same period. Analysts caution that the price increase may be driven more by sentiment and speculation than by a sustained uptick in organic network demand.
“The steep drop in transaction count strengthens the hypothesis that the recent price surge may be driven more by market sentiment and speculative activities rather than by a sustainable and organic increase in demand for the Solana network,” a CryptoQuant analyst observed.
Price outlook: bulls hold near $220
Despite the transaction decline, SOL remains above $200 and was trading close to $220 at the time of reporting. Market observers point to growing whale accumulation and the prospect of a spot Solana ETF as key bullish factors.
Technical indicators also favor the upside. The 50-day moving average on the daily chart is sloping upward and currently acts as dynamic support above $217. The relative strength index (RSI) sits near 46, indicating neutral momentum, though buyers may need to add positions to prevent renewed declines.
A decisive daily close above $230 would weaken bearish setups, while the $236–$255 range represents a critical resistance zone that could cap near-term gains if not cleared.
Drivers behind Solana’s market strength
Observers attribute Solana’s resilience to maturing infrastructure and rising institutional interest. Expectations for spot Solana ETFs remain elevated despite macro and political uncertainties. If regulators approve multiple spot ETF applications following recent guidance to issuers, SOL’s price could receive a significant boost.
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…
— Eric Balchunas (@EricBalchunas) October 8, 2025
Inflows into Solana-related products have accelerated in recent weeks, with one report noting a fresh inflow record of about $706 million in a single week. At the same time, Solana’s price appears increasingly decoupled from short-term noise as decentralized finance (DeFi) activity and total value locked (TVL) continue to play a larger role.
Although TVL slipped 2% in the past 24 hours, it remains above $32 billion, and open interest has inched higher to roughly $14.7 billion. These metrics suggest that, despite lower transaction counts, substantial capital remains committed to the Solana ecosystem, supporting the token’s price while traders and investors await clearer signals from the ETF approval process and broader market trends.