Solana's SOL token rises 8.8% this week amid increased trading volume and DeFi growth.

Solana’s price has traded sideways despite strong on-chain activity and institutional interest. Recent data show ETF outflows over two weeks, but Q1 on-chain spot volume dominance (41%) and record transaction counts point to durable demand. Key catalysts include stablecoin settlement adoption, product integrations, and an upcoming network upgrade.

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.