- Solana’s price is holding around $220, supported by expectations of an ETF approval, despite heightened market volatility.
- Daily network transactions have fallen by 50% from July’s peak of 125 million transactions.
- Despite reduced on-chain activity, the total value locked (TVL) remains above $32 billion.
Solana’s price has stayed near $220 even as on-chain data shows a significant contraction in network activity.
The roughly 50% drop in transactions is notable, but growing corporate interest and anticipation of a spot ETF approval are providing bullish momentum for SOL.
Solana’s daily transactions fell by 50%
According to a recent report from CryptoQuant, Solana’s daily transaction count has sharply declined over the past few months. The data shows this metric has contracted by nearly 50% from its July peak.
The on-chain analytics firm shared details of the drop via X, indicating that transactions fell from about 125 million on July 24 to roughly 64 million.
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
CryptoQuant’s October 9 analysis suggests this decline points to potential capital outflows and reduced retail engagement. During the same period, SOL’s price rose by more than 20%.
Considering this divergence, some analysts say the price rally may not be supported by corresponding market activity.
CryptoQuant analyst CryptoOnchain wrote that “the sharp fall in transaction counts strengthens the hypothesis that the move is driven more by market sentiment and speculative activity rather than a sustainable, organic increase in demand for the Solana network.”
Bullish outlook keeps Solana near $220
Despite the activity decline, SOL remains above $200 and was trading around $220 at the time of writing.
Market observers note increased whale accumulation and say bulls appear to be in control, buoyed by the growing likelihood of a spot Solana ETF approval.
Technical indicators support this outlook. On Solana’s daily chart, the 50-day moving average is rising and has provided dynamic support above $217.
Meanwhile, the Relative Strength Index (RSI) sits near 46, indicating neutral momentum; buyers may need to shift positions to prevent another pullback.
If buyers step in, there is room to target key levels before the market becomes overbought.
TradingView SOL price chart
A decisive daily close above $230 would negate bearish patterns, while the $236–$255 range represents an important resistance zone.
What’s underpinning Solana’s market strength?
Market watchers point to Solana’s maturing infrastructure and rising institutional interest as key support factors.
Despite concerns such as a possible U.S. government shutdown, the probability that a Solana spot ETF could launch in the coming weeks has not been ruled out.
If the SEC signals approval for several issuers in response to recent guidance, SOL’s price could move significantly higher.
Bloomberg ETF analyst Eric Balchunas highlighted this potential via X, noting competitive fee strategies among issuers.
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
Inflows into Solana crypto products have surged over the past two weeks, setting a new weekly record of $760.6 million in net inflows last week.
As DeFi activity gains prominence, Solana’s price is becoming increasingly decoupled from short-term on-chain noise.
Although TVL dropped by about 2% in the past 24 hours, open interest rose to $14.7 billion, keeping the total value locked above $32 billion.