Despite record-breaking stablecoin and transaction volumes on Solana in recent weeks, SOL’s price has weakened. This article breaks down the on-chain activity—stablecoin flows, DEX volumes, active addresses—and explains why heavy usage hasn’t translated into bullish price action.

A wave of rug-pulls and a collapse in meme-coin activity have driven a meaningful slowdown in Solana on-chain activity and trading volume. An 11% intraday bounce failed to restore confidence amid a 40% drop in active addresses and weekly network revenue down over 90%, while new research documents tens of thousands of malicious token launches.

A concise weekly review of SOL price swings driven by ETF flows, short liquidations and the upcoming Alpenglow upgrade—plus on-chain metrics that underpin longer-term support.

SOL surged and slumped across March 4–6 as institutional ETF flows, concentrated sell orders, and spiking trade volumes drove rapid swings. Key technical levels between $87–$95 and ETF redemptions of $8.23M are central to near-term direction.

A sharp fall in Solana DEX volume drained liquidity and set the stage for a violent short squeeze that drove a brief SOL rebound. Institutional product launches and core upgrades keep longer-term fundamentals intact, but price action remains fragile until on-chain liquidity and trading volume recover.

Solana (SOL) has seen a strong uptick driven by rising on-chain activity and real-world asset (RWA) tokenization, with weekly transaction volume near $457M and RWAs surpassing $1B. Spot ETF flows showed meaningful inflows followed by a small pullback, while price action around $143 reflects both momentum and short-term technical caution.