Solana price has now declined for four consecutive weeks and is hovering around an important support area. This pullback is happening even as the network continues to show strong usage during the current crypto winter.
The Solana token dropped to roughly $93, which is almost 70% below its January 2025 high. It is also trading at its weakest level since February 2024.
Still, some demand signals have remained positive. For instance, spot Solana ETF inflows have continued to rise. Data tracked by SoSoValue showed spot Solana ETFs added $1.24 million on Tuesday after bringing in $5.58 million on Monday.
So far this month, these products have attracted about $6.8 million, pushing total inflows to above $877 million. Solana ETFs now hold more than $854 million in assets, equal to around 1.5% of Solana’s total market value.
Meanwhile, on-chain momentum has strengthened. Nansen data suggests Solana remains one of the fastest-growing networks in the crypto space. Over the last 30 days, transactions rose 43% to over 2.48 billion, topping the combined transaction count of several other chains.
In the same period, Solana recorded more than 105 million addresses, up 81%. Active addresses also stayed far ahead of many rivals. For comparison, Ethereum reported over 15 million active addresses, while BNB Chain posted about 41.2 million.
Fee activity also increased. Solana’s network fees jumped 94% to above $26 million, beating Ethereum’s roughly $15 million. It also moved closer to Tron, which generated around $29 million over that timeframe.
Stablecoins appear to be a key fuel for this growth. Solana handled more than $491 billion in stablecoin volume in the past 30 days, with USDC making up most of the flow. Stablecoin transactions climbed past 305 million, while stablecoin-related addresses reached about 5.2 million.
Solana Price Has Formed a Risky Chart Pattern
From a technical angle, the weekly chart shows the Solana token has dropped hard in recent months, falling from around $295 in January last year to near $94 today.
The risk increases because Solana price has printed a head-and-shoulders pattern and is now sitting close to the neckline. If the price breaks below the neckline, downside could extend toward the next major level near $70, which sits close to the 78.6% Fibonacci Retracement.
However, a move above the 61.8% Fibonacci Retracement near $115 would challenge this bearish setup and may point to improving momentum.
