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Analysts note sharp drop in Solana transactions amid rising SOL price
The Solana network has experienced a notable decline in blockchain activity, even as the price of SOL continues to rise.
According to CryptoOnchain, the daily number of transactions has fallen from a peak of 125 million on July 24, 2025, to the current 64 million — a nearly 50% decrease. This drop, occurring amid a strong rally in the token’s price, has raised concerns among analysts and market participants.
Experts explained that this divergence between price growth and declining transaction activity is seen as a negative divergence.
Typically, rising token prices are accompanied by increased network usage, but current data show the opposite.
This strengthens the view that SOL’s price surge may be driven by speculative buying rather than genuine demand for the Solana ecosystem.
Analysts note that the Solana network traditionally handles a large number of technical transactions, with 80–90% of all transactions being “vote” transactions used to maintain validator consensus.
Therefore, it is important to clarify which types of transactions have decreased — user-driven (DeFi, NFT, and fund transfers) or internal system operations.
If the decline in transactions is due to lower user activity, it could undermine the sustainability of the current price rally.
In that case, analysts warn of a short-term speculative bubble, where the price could correct sharply once profit-taking begins.
However, some experts argue that the decline in transaction count does not necessarily signal network weakness.
It may instead result from protocol optimizations and changes to the voting mechanism.
Solana’s developers are actively implementing upgrades aimed at boosting throughput and reducing redundant operations.
This could temporarily lower transaction volume without harming user activity.
Investors are advised to monitor trends in the DeFi and NFT sectors within the Solana ecosystem.
See also: "Bitcoin slips near $122K after record highs; U.S. crisis weighs on sentiment"
