Solana’s Paradox: Price Soars While Network Activity Plummets - What’s Next for the Blockchain Giant?

As of October 15, 2025, solana presents a fascinating market contradiction that has both investors and analysts closely watching its trajectory. The network recently achieved a significant price milestone, surging past $240 in a remarkable rally that demonstrates strong market confidence and bullish sentiment. However, this price appreciation stands in stark contrast to concerning on-chain metrics that reveal a 50% decline in daily transaction volume over just three weeks. The data shows transactions dropping dramatically from 125 million to 64 million daily, creating what technical analysts often describe as a bearish divergence pattern that typically precedes market corrections. Compounding this analysis challenge is Solana's unique network structure, where voting transactions constitute an overwhelming 80-90% of total network activity. This heavy reliance on validator voting creates noise in interpreting genuine user adoption and organic network growth. The current situation raises critical questions about whether Solana's price momentum can sustain itself without corresponding growth in fundamental network usage. While the price surge indicates strong speculative interest and potential institutional adoption, the declining transaction volume suggests underlying weaknesses in daily utility and real-world application. Market observers are now debating whether this represents a temporary disconnect or signals deeper structural issues that could impact Solana's long-term valuation. The network's ability to attract more diverse, non-voting transactions while maintaining its price gains will likely determine its position in the competitive blockchain landscape moving forward.

Solana Network Activity Declines Amid Price Surge

Solana's recent price rally to over $240 contrasts sharply with a 50% drop in daily transactions, raising questions about the sustainability of its momentum. On-chain data shows transactions fell from 125 million to 64 million in three weeks, creating a divergence that often precedes market corrections.

The network's heavy reliance on voting transactions—accounting for 80-90% of activity—complicates the analysis. While decreased voting volume doesn't directly reflect user engagement, parallel declines in DeFi and NFT metrics could signal weakening fundamentals beneath SOL's speculative surge.

Market observers note that healthy bull runs typically correlate with growing network utility. The current disconnect between price action and ecosystem activity suggests trader enthusiasm may be outpacing organic adoption, a pattern historically associated with short-term tops in crypto assets.

Solana Price Surge: Can It Hold $190 Support and Rise Further?

Solana (SOL) has seen a 5.33% price increase to $192.56, yet trading volume has dropped sharply by 38.49%, signaling waning market participation. The asset remains volatile, with a 15.95% weekly decline overshadowing recent gains.

Technical analysts note SOL has breached the $195 support level, potentially testing the $150-$160 demand zone. A reversal here could propel prices toward $220-$240, but current indicators suggest caution as momentum falters.

Hyperliquid CEO Challenges Binance's Liquidation Transparency

Hyperliquid founder Jeff Yan has publicly criticized Binance's liquidation reporting practices, alleging significant underreporting during volatile market conditions. The exchange's documentation reveals liquidation streams only display the most recent order within 1000-millisecond windows, potentially masking 99% of actual liquidations.

The controversy follows a $19 billion market wipeout that destabilized Binance's USDe, wBETH, and BNSOL tokens. While Binance committed $283 million in user compensation, Yan contends centralized exchanges lack the transparency of Hyperliquid's fully on-chain system where every transaction is publicly verifiable.

Solana Stabilizes Below $200 Amid Cooling DEX Activity

Solana's price hovered NEAR $196, marking an 8% rebound from its weekly low of $173 during the October 10 market crash. Despite the recovery, the token remains 14% down for the week and 19% lower over the past month—a 32% retreat from its January peak near $293.

Trading activity shows tentative revival. Spot volume climbed 14% to $12 billion in 24 hours, while derivatives saw a 36% surge in futures volume ($32.4 billion) and 6% open interest growth. Traders appear to be cautiously re-entering positions after the sell-off.

On-chain metrics tell a different story. Solana's DEX volume slid from $8.37 billion on October 10 to $5.84 billion by October 12, with TVL following suit. This cooling occurs despite an 8% weekly expansion in stablecoin market capitalization—a divergence suggesting liquidity may be moving to sidelines.

Market participants now eye two potential catalysts: pending ETF decisions and network upgrades that could reignite momentum. The coming weeks will test whether Solana can convert these fundamentals into price action.

PENGU Price Prediction: Can Pudgy Penguins Break $0.05 Before ETF Decision?

Pudgy Penguins (PENGU) has surged 15% in the past 24 hours to $0.0257, fueled by a 36% spike in daily trading volume nearing $600 million. Market capitalization now exceeds $1.6 billion as analysts eye a potential breakout above July's $0.043 peak, which could propel the token to new all-time highs before year-end.

Speculation around an upcoming SEC decision on a PENGU-linked spot ETF adds momentum, while meme coin traders rotate into alternatives like Maxi Doge. The Solana-based token has gained 20% weekly, with holder count surpassing 544,000 and circulating supply hitting 62 billion.

Social media engagement has exploded, with PENGU-related content amassing 200 billion views in 30 days. Global expansion efforts in Asia, including localized IglooAPAC products in Thailand and Korea, underscore growing adoption.

Solana Price Prediction: Will ETFs Launch SOL To New All-time Highs?

Solana's price prediction is drawing significant investor attention as SOL demonstrates remarkable resilience, rebounding from last week's market slump. The cryptocurrency plunged nearly 15% following President Donald Trump's announcement of 100% tariffs on China, triggering a broad crypto liquidation. Yet, Solana has swiftly recovered, reclaiming its $100 billion market cap as altcoin confidence returns.

Analysts are now eyeing potential Solana ETFs, with the SEC's October 16th deadline looming for decisions on filings from Bitwise, 21Shares, and Canary Capital. Approval could ignite a major bullish rally for SOL. However, the ongoing US government shutdown has stalled SEC operations, leaving the market in suspense. Once resolved, a flood of spot crypto ETF approvals may follow—an ironic delay given the political theater surrounding fiscal debt debates.

Meanwhile, capital rotation into high-potential altcoins continues, with Bitcoin Hyper emerging as a standout presale performer, surpassing $23 million in funding. As Solana enters another bullish cycle, investors are weighing ETF prospects against broader market momentum.