Solana (SOL) has seen a 20% price decline over the past month, while long-term holders have been moving increasing amounts of tokens to exchanges, suggesting sustained selling pressure. The net exchange position change surged from about 57,336 SOL on June 11 to roughly 1,410,650 SOL by June 25, a 2,400% increase. Despite this, on-chain activity has risen about 39%, with DEX volume averaging $1.73 billion per day over the past week. Network fees have remained stable at around $7.2 million daily, indicating genuine demand for blockspace. However, the surge in activity is concentrated in newer venues like BisonFi and AlphaQ, along with memecoin launchpads such as PumpSwap and pump.fun. Total value locked (TVL) has fallen 13% to $4.74 billion, but this largely reflects SOL's price decline rather than capital flight. The divergence between falling price and rising activity raises questions about the sustainability of current network usage, as long-term holders continue to sell.

Key facts

• SOL price down ~20% in a month; exchange net inflows surged 2,400% since June 11.
• On-chain DEX volume up 39%, averaging $1.73B per day over 7 days.
• Network fees stable at ~$7.2M daily, showing genuine user demand.
• TVL fell 13% to $4.74B, mostly due to SOL price drop, not withdrawals.
• Activity driven by new DEXs (BisonFi, AlphaQ) and memecoin apps (PumpSwap).

KeyAudit data perspective