Solana activity rises despite 20% SOL decline

• Solana network activity has increased even as SOL has fallen about 20% over the past month.
• Exchange inflows have surged, suggesting some long-term holders may be positioning to sell their tokens.
• Most on-chain activity is being driven by memecoin platforms, decentralised exchanges and perpetual trading applications.

Solana (CRYPTO:SOL) has fallen about 20% over the past month, although on-chain activity has continued to grow as trading volumes increase across decentralised applications.

Exchange inflows rose from about 57,336 SOL on June 11 to approximately 1,410,650 SOL on June 25, representing an increase of around 2,400% and indicating that more tokens are being transferred to exchanges.

The increase in exchange balances comes as the seven-day average daily decentralised exchange trading volume climbed to about US$1.73 billion from roughly US$1.24 billion a month earlier, while network fees reached about US$7.2 million over the past 24 hours and around US$200 million over 30 days.

Much of the trading activity was concentrated on decentralised exchanges including BisonFi, Orca, AlphaQ, Meteora and Raydium, while PumpSwap, pump.fun, Jupiter perpetuals and Axiom generated the highest network fee revenue.

The latest data shows that network usage remains strong despite weaker SOL prices, although rising exchange inflows suggest some investors may be preparing to sell their holdings.

Memecoin launch platforms and perpetual futures trading continue to account for a significant share of Solana's transaction activity, reflecting sustained interest in speculative trading across the ecosystem.

The divergence between rising network activity and falling token prices highlights that higher blockchain usage does not always translate into stronger market performance, particularly when selling pressure remains elevated.

At the time of reporting, Solana price was $68.15.