Key Takeaways
Solana’s daily transactions have decreased by 50% although SOL token price is up.
Speculative trading and sentiment may be driving SOL’s gains rather than organic network growth, per the report.
Share this article
Solana daily transactions have dropped 50% despite the network’s native token $SOL recently experiencing a price rally, according to CryptoQuant, an on-chain data analytics provider.The decline reflects reduced on-chain activity as meme coin enthusiasm shifts to competing platforms like BNB Chain. The report shows a negative divergence between price momentum and on-chain activity, suggesting that the recent price surge may be driven more by speculative market sentiment than by organic network demand. In a healthy market cycle, price appreciation typically coincides with growing on-chain engagement.The decline in network activity warrants further analysis to determine whether it comes from a drop in user-driven transactions across DeFi and NFTs, or from a reduction in validator voting activity, which accounts for the majority of Solana’s on-chain operations.
