Solana’s on-chain activity has fallen to a level not seen since late 2023, further underscoring the structural factor that could derail the strong price recovery.
According to a recent DeFi Report, the Solana network generated $51 million in total fees in Q2 2026; This represents a 43% decrease from the first quarter and a 78% decrease on an annual (yearly) basis. Compared to previous quarters, these were the lowest charges since Q4 2024.
Since fees track the value paid by users transacting on the chain, this meant that network activity also decreased. This was not surprising considering the overall decline in the crypto market since last October.
With the crisis, Solana’s attractiveness as an “epicenter for speculation” also diminished over the period. However, the report predicted that the bottom of the bear market may have hit the bottom in the second quarter, citing stablecoin growth. tokenizationand continuous volume increase.
However, this situation seems to have hit bottom in the second quarter. We are now starting to see some green shoots inside the ‘trenches’.
Despite the recovery in new narratives, capital inflows into the SOL token were still at a two-year low.
Solana: Assessing SOL’s price recovery
According to Glassnode, the Realized Value of SOL, which tracks on-chain capital inflows into the SOL market, has fallen from a record $97 billion last year to $73 billion in 2026. This was the lowest the metric has fallen since late 2024.
In other words, SOL has seen $24 billion in capital outflows in the last few months. Despite the recent 28% relief recovery, the downward trend is yet to reverse.
During the broader recovery in early June, SOL rose from $60 to $84, effectively reclaiming the 2026 low of $75 (orange channel). Since February, SOL has been hovering between $98 and $75.
It fell below this range after broader market risk triggered by the Strategy’s BTC selloff in early June. If the recent momentum continues, the bulls could defend $75 and eye the mid-range level at $88 or the upside target at $92 (200-day Moving Average, blue line).
If so, this would mean upside potential of 13% to 20%, assuming BTC does not post further losses early in the third quarter.
Separately, Web3 researcher Zach XBT reported that an ancient Solana whale was exploited and 180.9 thousand SOLs ($14.2 million) were stolen. If the hacker converts the money into cash, this could trigger a trigger. short term sale and test the $75 support.
Final Summary
- Solana fees fell 78% year over year to $51 million; this was the worst figure since the end of 2023
- SOL reclaims 2026 price range but $75 support could be tested if $14 million in stolen funds hit the market
