- Solana’s price fell 3.5% to $150.67, despite a 35% surge in on-chain transactions.
- Trading volume ranks Solana second after Binance Smart Chain, surpassing Ethereum and Base.
- Active users dropped to 22 million, raising bearish concerns.
- Traders bought $27M worth of SOL in 24 hours, signaling bullish sentiment in the spot and futures markets.
- Futures funding rates suggest that long positions are dominant, indicating potential for price recovery.
Solana Price Slips to $150, But Traders Grab $27M in SOL: Here’s Why
Solana’s (SOL) price is navigating turbulent waters, dropping 3.5% in the past 24 hours to trade at around $150.67. This decline reverses its recent 6.15% weekly rally, confusing some market watchers. But beneath the surface, activity on the Solana network tells a different story.
Also Read: Solana Price Forecast: SOL Breakout Fuels Optimism Amid ETF Buzz
On-Chain Activity Soars as Transaction Volume Hits Record Highs
Despite SOL’s price struggles, on-chain activity remains strong. According to Nansen, total transactions on the Solana blockchain have jumped 35% over the past 30 days, surpassing 2 billion.
At the same time, DeFiLlama reports that Solana’s total on-chain trading volume hit $61.51 billion last month, with $2.078 billion in the past 24 hours. Solana now ranks second in blockchain trading volume, trailing only Binance Smart Chain and outperforming networks like Ethereum and Base.
Ordinarily, such strong activity hints at bullish market interest. However, this time, the rise in volume hasn’t translated into a price surge.
Declining Active Users Suggest Short-Term Bearishness
Interestingly, Solana’s weekly active users dropped to 22 million, a level last seen in May, according to Artemis. This decline in user activity amid falling prices suggests that a segment of the market is cashing out.
The mixed signals—high trading volumes but falling active users—highlight the market’s current indecision. Some traders may be losing faith in a near-term recovery, contributing to the downward price pressure.
Traders Bet on the Dip: $27 Million in SOL Bought
Despite the price decline, recent CoinGlass data shows bullish momentum building in the spot and futures markets.
In the last 24 hours, over $27.5 million worth of SOL flowed from exchanges to private wallets, indicating investors are buying the dip. If this trend persists, exchange reserves could dwindle, creating upward pressure on SOL’s price.
Furthermore, Solana’s perpetual futures market is flashing bullish signals. The Open Interest Weighted Funding Rate stands at a positive 0.0025%, meaning that long contracts are outpacing short positions—a strong indicator of growing bullish sentiment.
What’s Next for Solana?
If on-chain activity remains robust and off-chain buying persists, Solana could stage a price rebound in the coming days. But continued declines in active users could weigh on market confidence. Traders and investors should keep an eye on exchange flows and derivatives market sentiment for further clues.
