Solana’s on-chain performance diverged from trading activity as near-term momentum strengthened despite weakening network metrics.
At the time of writing, Solana (SOL) is up 2.4% in the last 24 hours.
However, the general trend shows the opposite. Prices have struggled over time, although some fundamentals have remained firm. This discrepancy raised a key question. Could short-term momentum turn into a sustained trend?
Short-term weakness in SOL fundamentals
Solana’s on-chain metrics often indicate whether the asset is trading above or below its fair value. Recent data has highlighted weakening network conditions.
Daily transactions fell to 79.8 million, as of press time, according to Artemis. This level last appeared in January 2026.
During this period, SOL fell by 32.54%, from $148 to almost $99.
This was not an isolated signal. Revenues also trended downward and remained range-bound. This decline coincided with a reduction in transaction activity and a decrease in fees generated.
When these metrics weaken or lose their correlation with price, they suggest a decline in grid demand.
This change is important because usage remains central to the value of the Solana ecosystem.
Increasing activity on the market
However, market indicators pointed to improving conditions in the near term, with the price close to a potential breakout between $99 and $100.
The Accumulation/Distribution (A/D) indicator showed sustained buying pressure.
As of press time, the A/D line has been trending upward for five consecutive days. This trend indicates continued accumulation. Trading volume supported this movement, reaching almost 65 million.
In addition to this, the Moving Average Convergence Divergence (MACD) has been trending upward and approaching a bullish crossover. This pattern forms when the MACD line crosses above the signal line, signaling strengthening momentum.
If this crossover is confirmed, it could increase the probability of a continued rise.
If the accumulation persists, SOL may exceed its descending channel resistance. A confirmed breakout could push the price towards the $99 level.
The big picture
The central question remains whether the current short-term recovery is sustainable, particularly given the weakness of short-term fundamentals.
Looking at the broader trend provides important context.
Longer term, Solana continues to demonstrate structural strength. Its stablecoin supply grew 5% in the first quarter, while DeFi volume surged to $500 billion, the highest among competing blockchains.
Adoption trends add even more depth.
New users continue to enter the ecosystem, including participations linked to traditional finance. Notably, Solana’s real asset value (RWA) reached $2 billion last quarter.
These developments suggest that the current divergence between short-term fundamentals and prices may be temporary. If price momentum continues, on-chain metrics could stabilize and realign with a more positive outlook, similar to the trend seen in the first quarter.
Final summary
- Solana (SOL) gained 2.4% in the short term, despite weakening on-chain activity and declining trading volume.
- A break above resistance could push SOL towards the $99 level.
