Analysts ask bubble questions as Solana network activity drops 50%

Solana’s price may be soaring, but its network activity tells a different story. On-chain data shows that daily transactions on the Solana blockchain have collapsed by nearly 50%. It fell from around 125 million on July 24 to roughly 64 million ￰0￱ decline comes as SOL has rallied more than 24% over the past 60 ￰1￱ of now, Solana faces a critical week on the regulatory ￰2￱ US SEC is reviewing multiple spot Solana ETF filings from major ￰3￱ includes VanEck, Fidelity, Grayscale, and Franklin Templeton, with key deadlines due ￰4￱ from Bitwise and 21Shares will follow by ￰5￱ the SOL rally built on hype? According to the CryptoQuant report, Solana price has climbed from late September lows of $191 to trade near $230 this ￰6￱ divergence of rising prices alongside falling usage caught analysts’ ￰7￱ added that in a healthy uptrend, prices usually move in line with growing network demand.

However, in this case, the opposite is happening, which suggests that speculation and not fundamentals may be driving the ￰8￱ full picture depends on the type of transactions that have ￰9￱ report mentioned that around 80–90% of Solana’s total transactions are “voting” ￰10￱ were tied to its consensus ￰11￱ the decline is mostly from those, then it might not be a red ￰12￱ added that if user activity in DeFi, NFTs, and transfers is falling, then it raises questions about how sustainable the current price move really ￰13￱ 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 ￰14￱ — ￰15￱ (@cryptoquant_com) October 9, 2025 Solana price recorded a marginal dip over the last seven ￰16￱ is still running up by 18% on a year-to-date (YTD) ￰17￱ is trading at an average price of $222.4 at press ￰18￱ 24-hour trading volume hovers around $8 ￰19￱ ETF approval odds hit 99% This can be a big week for Solana as the final decision on spot SOL ETFs might be just days ￰20￱ Polymarket, traders are assigning over 99% odds to approval this ￰21￱ ETF analysts Eric Balchunas and James Seyffart now see a 100% probability of ￰22￱ cited clearer regulatory guidance and leadership changes at the ￰23￱ ETF approval odds.