Trading activity and on-chain volume of Solana are high, but the price of SOL is declining.
Although the number of transactions and volume on the Solana blockchain reached record highs, active users decreased and the price of SOL still fell, indicating a divergence in market sentiment between on-chain and off-chain.
MAIN CONTENT
Solana recorded a 35% increase in transactions over 30 days, with trading volume exceeding 61 billion USD.
The number of weekly active users has decreased to 22 million, the lowest since early May.
Although the price of SOL is dropping, the derivatives and spot markets still record strong buying pressure.
Is the strong on-chain activity of Solana a positive sign?
According to an analysis by the CEO of TinTucBitcoin and data published by Nansen, the total transactions on the Solana blockchain in the past 30 days increased by 35%, reaching approximately 2 billion transactions.
Trading volume in the past month reached over 61 billion USD, with a 24-hour liquidity of up to 2.078 billion USD. Solana currently ranks second in trading volume, only after Binance Smart Chain, surpassing Ethereum, Base, and Sui.
A surge in trading reflects strong interest from the market in Solana, even though prices are trending in the opposite direction.
Mark Johnson, CEO of TinTucBitcoin, July 2025
However, typically when trading volume and activity increase, prices will also reflect positively; however, with Solana currently, this is not happening.
Why is the number of active users decreasing while trading and volume are increasing sharply?
Data from Artemis shows that the number of weekly active users on Solana has dropped to 22 million – the lowest since early May 2025.
This phenomenon reflects unstable market sentiment; many investors may have started to sell, contributing to the drop in SOL price despite high trading volume.
The decline in users and the simultaneous high trading volume indicate a decrease in trust in SOL's recovery potential in the short term.
Why is there still buying pressure in the spot and derivatives market when the price of SOL is dropping?
Data from CoinGlass reflects strong bullish sentiment in the spot and derivatives market with many investors switching from selling to buying in the past two days.
In the last 24 hours, 27.5 million USD of SOL has been withdrawn from exchanges to personal wallets, indicating increased buying pressure.
Conversely, the derivatives market also witnessed positive capital flow from long-term contracts, where the long position ratio is higher than short, reflecting investors' optimism about SOL's price outlook.
The positive Funding Rate of 0.0025% indicates that buying pressure is dominating the perpetual contract market, which could signal a new buying wave for SOL for the first time.
Maria Gonzales, Cryptocurrency Market Analyst, July 2025
Frequently asked questions about the current situation of Solana
Why is the price of SOL dropping despite the high trading volume? The volume increase is due to large investors trading heavily, but the decrease in user numbers results in weak market sentiment and falling prices (source: Artemis, Nansen). What is the status of active users on Solana? The number of weekly active users has dropped to 22 million, the lowest since May 2025 (according to Artemis). What does the buying pressure from the derivatives market mean? A positive funding rate indicates that investors are betting on price increases, creating price support for SOL in the short term (according to CoinGlass). What is the recovery potential of SOL? Thanks to the capital withdrawn from exchanges and the increasing buying on the market, SOL has the potential to recover if this trend continues (based on data from CoinGlass and DeFiLlama). How does Solana's trading volume compare to other blockchains? Solana ranks second in blockchain trading volume, only after Binance Smart Chain, surpassing Ethereum and other competitors (according to DeFiLlama, 2025).
Source: https://tintucbitcoin.com/solana-giam-gia-nha-dau-tu-gom-sol/
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