- Solana price maintains near the $220 level amid market volatility, buoyed by ETF hopes.
- Daily network transactions drop 50% from July’s 125 million peak.
- The total value locked hovers above $32 billion despite reduced on-chain activity.
Solana’s price hovers around $220 even as on-chain data reveals a significant contraction in network activity.
While a 50% dip in transactions is a factor to pay attention to, anticipation surrounding potential spot exchange-traded funds approvals and growing corporate interest provide bullish fuel for SOL.
Solana sees 50% dip in daily transactions
According to a recent report from CryptoQuant, Solana’s daily transaction count has declined sharply in recent months. Data shows the metric has shrunk by nearly 50% from its July peak.
The on-chain analytics firm shared details of the dip in the metric via X, showing that these transactions have dipped from highs of $125 million on July 24 to around 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, signals potential capital outflows and waning retail engagement. SOL’s price has climbed over 20% in the same period.
Given this outlook, experts say the price growth does not align with market activity.
“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,” CryptoQuant analyst CryptoOnchain wrote.
Solana price outlook as bulls hold near $220
Despite this dip, SOL remains anchored above $200 and was holding near $220 at the time of writing.
According to market observers, whale accumulation is up and potential spot Solana ETF approval has bulls largely in control.
Technical indicators support this outlook. Solana’s daily chart has the 50-day moving average ascending and providing dynamic support above $217.
Meanwhile, the relative strength index (RSI) sits at 46 to indicate neutral momentum – although buyers may have to reposition to avoid fresh declines.
If this happens, there’s plenty of room to target key levels before hitting overbought conditions.
A decisive close above $230 could invalidate bearish patterns, while $236–$255 offer a critical resistance zone.
What underpins Solana’s market strength?
Market watchers point to Solana’s maturing infrastructure and growing institutional interest.
As noted, the likelihood of Solana spot ETFs launching in the coming weeks remains despite the US government shutdown.
SOL’s price is also expected to rise significantly if the SEC gives a nod to multiple applications following its recent directive to issuers.
Bloomberg ETF analyst Eric Balchunas pointed this out via X:
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 jumped in the past two weeks – a fresh $706 million inflow record last week is an example.
Notably, Solana’s price is increasingly decoupled from short-term noise as DeFi dominance grows.
The total value locked is down 2% in the past 24 hours, but holds above $32 billion as open interest also ticks up to $14.7 billion.