While Solana’s market price exhibits significant volatility, a closer examination of its underlying network activity reveals a starkly different narrative of strength and growth. Recent on-chain data underscores a period of remarkable expansion for the blockchain, particularly within decentralized finance (DeFi), even as its token struggles to find stable footing.
Surging Volumes and Capital Migration
Data released on February 10 highlights a substantial shift in blockchain activity. Solana has decisively overtaken Ethereum in decentralized exchange (DEX) trading volume, processing a staggering $117 billion in the measured period of early 2026. This figure dramatically eclipses Ethereum’s $52 billion for the same timeframe.
This surge is fueled by significant capital movement. Analytics indicate a recent inflow of over $100 million into the Solana ecosystem, with approximately $50 million of that sum migrating directly from Ethereum. The network’s scalability is a key driver, consistently handling an average of 160 million transactions daily. This high throughput solidifies its appeal for high-frequency trading and DeFi applications that encounter limitations on other networks.
Growth extends beyond trading. Payment volume on Solana has reportedly expanded by 755%, outpacing Ethereum’s already strong 625% increase. This indicates broadening utility for everyday transactions within its ecosystem.
Key Metrics at a Glance:
– DEX Volume: $117 billion (Solana) vs. $52 billion (Ethereum)
– Recent Capital Inflow: > $100 million (~$50 million from Ethereum)
– Daily Transaction Count: ~160 million
– Payment Volume Growth: +755% (Solana) vs. +625% (Ethereum)
Institutional Flows and Ecosystem Developments
Institutional interest appears tactical. On February 5, Solana spot ETFs recorded net inflows of $2.82 million on a day when Bitcoin and Ethereum products saw outflows. However, the trend reversed sharply the following day, with February 6 witnessing net outflows of roughly $11.9 million from Solana-focused funds.
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On the corporate front, SOL Strategies reported a powerful start to 2026 in a January update. The firm now manages over 4 million SOL tokens, and its number of associated wallets has grown by 105% since the end of 2025.
Further attention is directed toward the APAC region this week during Consensus Hong Kong (February 10–12, 2026). The “Solana Accelerate” initiative is actively courting Asian developers at the event to strengthen the network’s regional presence.
Price Action Under Pressure
Despite these robust fundamentals, market sentiment remains fragile, reflected in an “Extreme Fear” reading on market sentiment indicators. Solana’s price, currently at $83.11, is navigating a critical technical juncture.
The token has declined 20.48% over seven days and 38.80% over the past thirty days. Technical analysis points to the $83–$84 zone as crucial immediate support. A sustained break below this level could see a test of the psychological $80 mark, with a further risk area identified between $70 and $75—levels that recall lows seen in early February.
Resistance is clearly defined overhead. The price has recently failed to maintain momentum above $90. Analysts suggest that a convincing trend reversal would require Solana to reclaim the $96–$100 price zone.
In summary, Solana presents a study in contrast: exceptionally strong on-chain usage and capital flows are met with a skittish market and persistent technical selling pressure. The immediate battleground is the $83–$84 support level, whose integrity may determine whether the token avoids a retest of the sub-$70 lows.
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