Solana (SOL) Price: Down 20% But the Network Is Busier Than Ever — Here’s Why

TLDR

• SOL is down roughly 20% over the past month and 44% year-to-date
• Exchange inflows surged about 2,400% between June 11 and June 25, pointing to steady selling pressure
• On-chain DEX volume rose 39% to a seven-day average of $1.73 billion per day
• Solana took 95% of the on-chain tokenized equities market last week, with $1.3 billion in trading volume
• Meme coin apps like PumpSwap and pump.fun are leading network fee generation

Solana’s price has fallen about 20% over the past month and is down 44% so far in 2026. Despite that drop, activity on the Solana network has been climbing, driven largely by meme coin trading and decentralized exchange volume.

The price of SOL currently sits around $68. Exchange inflows, which track how many tokens move onto trading platforms where selling typically happens, jumped from roughly 57,336 SOL on June 11 to about 1,410,650 SOL by June 25. That is an increase of around 2,400%, or approximately 25 times higher in just two weeks.

The steady climb in inflows suggests selling pressure has been building over the fortnight rather than being tied to a single event.

At the same time, Solana’s decentralized exchange volume rose about 39% to a seven-day average of $1.73 billion per day, up from roughly $1.24 billion a month ago. Network fees held at about $7.2 million in 24 hours and $200 million across 30 days.

Meme Coins and New Venues Drive the Volume

Most of the on-chain activity is concentrated in a small number of apps. PumpSwap collected about $1.29 million in daily fees, while pump.fun brought in around $0.73 million. Jupiter’s perpetuals exchange and the trading terminal Axiom also featured in the top earners.

Several decentralized exchanges are leading the 24-hour volume charts: BisonFi near $359 million, Orca at $329 million, and AlphaQ at $241 million, ahead of Meteora and Raydium near $151 million each. BisonFi and AlphaQ are newer names, which has raised questions about how much of their volume is organic.

Solana’s total value locked in DeFi apps fell about 13% to $4.74 billion, though analysts note much of that drop reflects SOL’s lower price rather than users withdrawing funds.

Tokenized Stocks and the Alpenglow Upgrade

Solana handled about $1.3 billion in tokenized stock trading volume last week, capturing around 95% of the entire on-chain tokenized equities market. The SpaceX IPO on June 12 triggered the launch of at least three tokenized SpaceX share products on the Solana blockchain, accounting for roughly half of that volume. Solana had already led on-chain tokenized equity volume for 54 consecutive weeks before the SpaceX surge.

The total on-chain tokenized stock market is worth about $1.6 billion, up from $317.1 million a year ago.

Crypto analyst Ardi (@ArdiNSC) posted on June 19 that he is watching for SOL to reach the $45–60 range before considering accumulation for the next cycle. He noted that while SOL topped at around $295 this cycle and is already down roughly 77%, he sees the $45–60 zone as where the risk-reward starts to shift. He added that weekly support just above $50 would be his “golden opportunity” if lower levels fail to hold, and said he is not interested in buying at $68.

Solana’s Alpenglow upgrade is slated for late 2026 and aims to push transaction finality to a fraction of a second, designed to maintain the chain’s low costs and high throughput as institutional use grows.

As of June 25, exchange inflows remain elevated and SOL’s price continues to reflect the broader crypto market downturn.

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