Solana’s on-chain activity has dropped to a level not seen since the end of 2023, further underscoring the potential for price recovery.
According to the latest DeFi Report, the Solana network did $51M in total transactions in Q2 2026, marking a 43% drop from Q1 and 78% year-over-year (YoY). Compared to the previous quarters, this was the cheapest since Q4 2024.
Since the fee is based on the price paid by users on the chain, it means that the network performance is also reduced. This was not surprising given the decline in the crypto market since last October.
With the decline, Solana’s appeal as a ‘place of imagination’ was also short-lived. But the report said that the bear market may end in Q2, referring to stablecoin growth, a symboland volume increase indefinitely.
However, it appears that this may have decreased in Q2. Now we are starting to see green shoots inside the ‘trenches.’
Despite the recovery reported in the new news, the volume of investment in the SOL token was at a two-year low.
Solana: SOL cost recovery analysis
According to Glassnode, SOL’s Realized Cap, which tracks revenue entering the SOL market, has fallen from $97B last year to $73B in 2026. This was the lowest level the metric has fallen to since the end of 2024.
In other words, SOL has seen $24B in capital outflows over the past few months. The bearish trend has not changed despite the recent 28% recovery.
During the massive recovery in early June, SOL rose from $60 to $84, retrieving its 2026 low of $75 (orange path). Since February, SOL has been between $98 and $75.
It broke lower after a major market shock was triggered by Strategy’s BTC sell-off in early June. If the recent uptrend continues, the bulls could defend $75 and look for a mid-level of $88 or an upside target of $92 (200-day Moving Average, blue line).
If so, this could mean a 13% to 20% upside assuming BTC doesn’t post more losses at the start of Q3.
Separately, Web3 researcher Zach XBT reported that the original Solana whale has been exploited and stolen 180.9K SOL ($14.2M). If the hacker loses the money, it can trigger a short selling and testing assistance of $75.
Brief Summary
- Solana revenue fell 78% YoY to $51M, worst since end of 2023
- SOL also took the price of 2026, but the $75 grant can be considered as $14M of stolen money from the market.
