- The Solana price remains near the $220 mark amid market volatility fueled by ETF expectations.
- Daily on-chain transactions have fallen about 50% from the July high of 125 million.
- Despite lower on-chain activity, the total value locked stays above $32 billion.
The price of Solana hovers around $220 even as on-chain data shows a notable drop in network activity.
While a roughly 50% decline in transactions is a development to monitor, hopes for possible spot ETF approvals and growing institutional interest continue to provide bullish support for SOL.
Solana records a 50% drop in daily transactions
According to a recent report from CryptoQuant, Solana’s daily transaction count has declined significantly in recent months. The data indicate the metric has shrunk by nearly 50% from its July peak.
The on-chain analytics firm shared details of the drop on X, showing transactions falling from a peak of 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
The decline detailed in CryptoQuant’s October 9 analysis suggests potential capital outflows and waning retail engagement. Over the same period, SOL’s price rose by more than 20%.
Given these dynamics, some analysts say the price increase is not fully supported by underlying market activity.
“The sharp drop in transaction counts strengthens the hypothesis that the recent price rally is driven more by market sentiment and speculative flows than by a sustainable, organic increase in demand for the Solana network,” wrote CryptoQuant analyst CryptoOnchain.
Solana price outlook: Bulls hold near $220
Despite the transaction decline, SOL remains anchored above $200 and was trading near $220 at the time of writing.
Observers note increased whale accumulation, and speculation about a Solana spot ETF listing has largely kept bulls in control.
Technical indicators back this view. On Solana’s daily chart, the 50-day moving average is rising, providing dynamic support above $217.
Meanwhile, the Relative Strength Index (RSI) sits around 46, indicating neutral momentum—buyers may need to reposition to prevent further pullbacks.
There is room to target higher levels before overbought conditions emerge.
SOL price chart from TradingView
A decisive daily close above $230 could invalidate bearish patterns, while the $236–$255 range remains a significant resistance zone.
What underpins Solana’s market strength?
Market watchers point to Solana’s mature infrastructure and rising institutional interest as supporting factors.
Despite recent U.S. government shutdown concerns, the likelihood of Solana spot ETFs launching in the coming weeks remains a major bullish narrative.
Analysts expect SOL’s price could move significantly higher if the SEC follows its latest guidance and approves multiple issuer applications.
Bloomberg ETF analyst Eric Balchunas highlighted fee competition among potential issuers, noting comments on X regarding low-cost plans for a spot Solana ETF.
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
Meanwhile, inflows into Solana crypto products have surged over the past two weeks, with a record $706 million reported in the latest week.
Notably, Solana’s price appears increasingly decoupled from short-term noise as DeFi dominance grows on the network.
Total value locked (TVL) fell about 2% in the last 24 hours but remains above $32 billion, while open interest rose to $14.7 billion.