Solana On-Chain Activity Surges, but Price Momentum Pauses

• Solana network usage jumps sharply, confirming real demand beyond short-term trading moves.

• Buyer-dominant derivatives support SOL, yet cooling spot volume slows price follow-through.

• Long-term holders keep accumulating SOL as exchange balances continue to decline.

Solana’s native token SOL trades around $128.15 as on-chain metrics show strong network usage. Active addresses climbed 56% in one week while weekly transactions stayed above 500M, indicating sustained user engagement. Network demand growth occurred as SOL broke above its regression channel, suggesting underlying interest building beyond short swings.

On-Chain Metrics and Derivatives Positioning

Solana’s active addresses have risen sharply, showing increased network participation. Weekly transaction counts reached roughly 515M, underscoring high throughput and real usage. These metrics suggest real engagement, not fleeting speculative spikes.

SOL’s breakout from its regression trend bar pointed to strengthening demand beneath the chart’s surface. Spot and derivatives indicators moved in sync, with derivatives positioning tilting toward bullish flows. Traders shifted toward upside risk, implying market participants expected future strength.

 source: https://x.com/Altcoinmo/status/2013595037003850096?s=20

CryptoQuant's cumulative volume delta metrics flipped positive for both spot and futures. These shifts meant aggressive buys outpaced selling pressure over extended periods. When such data align, they often reflect sustained demand rather than reactionary moves.

Spot Volume Trends and Price Behavior

Solana’s spot volume bubble map shows cooling activity since late November. This trend indicates declining trading volume and slower spot engagement. Green signals on the volume map reflect this slowing, not overheating.

In strong uptrends, falling volume can mark consolidation or a local pivot before continuation. However, the current pattern resembles historical cooling phases that preceded weaker conditions. That similarity raises questions about immediate trend continuation.

Sol volume behavior contrasts with the energetic, high-volume phases seen in 2024 and 2025. Instead, the pattern echoes periods when volume failed to sustain price rallies. Consequently, traders remain cautious about expecting quick breakout action.

Accumulation Signals from Long-Term Holders

Long-term holders continued to add to their SOL positions into late December. Glassnode’s hodler net position change stayed positive for weeks, showing sustained accumulation. Exchange flow data also recorded steady outflows from trading platforms.

SOL’s consistent movement out of exchanges suggests holders prefer off-exchange storage. This pattern signals patience and confidence in future prospects. It differs from distribution phases marked by selling into strength.

Accumulation accumulation alone does not guarantee a sharp upward price move. Often, it reflects strategic positioning rather than urgent buying pressure. Therefore, while the holder base grows, price momentum may await broader market catalysts.