Solana Price Falls, But On-Chain Metrics Point Up

While the crypto market is going through a downturn phase, Solana (SOL) drops below $130, sowing doubt among investors. However, behind this sharp drop, the on-chain data outline a very different scenario. Whales buying, supply free-falling on exchanges, network activity booming: the fundamentals remain solid. A marked divergence between price and network reality, which could reshuffle the cards faster than imagined.

Fundamental indicators suggest a recovery in the making

In a generally declining market, Solana’s case intrigues. The drop of the SOL price to around $120 in late December 2025 was seized as a buying opportunity by large addresses.

Thus, wallets holding between 1,000 and 10,000 SOL have significantly increased their positions since November. These investors now control nearly 48 million tokens, or 9 % of the circulating supply.

The heaviest wallets, those with more than 100,000 SOL, increased from 347 to 362 million tokens in two months, now representing 64 % of the circulating supply. This accumulation dynamic is supported by long-term holders, whose weekly net balance peaked at 3.85 million SOL on January 14, a level not seen for 15 months.

Several fundamental factors reinforce this bullish reading :

• The supply on exchanges is at a two-year low : as of January 17, only 26 million SOL were available on platforms ;

• Selling pressure is down : a drop in available liquidity means fewer tokens immediately accessible for sale ;

• Accumulation signals from major holders remain strong : large addresses continue to grow, indicating structural confidence in the network’s evolution ;

• The token distribution consolidates around long-term players : wallets with a long horizon seem to favor resilience over speculation.

These data reveal a growing gap between short-term dynamics, driven by price, and underlying signals observed in the ecosystem. A gap that upcoming market moves could gradually close.

Solana under pressure despite strong network activity expansion

Beyond the accumulation dynamic, Solana faces a more contrasted reality. Dropping below $130 also reflects a correction phase affecting the entire market.

This downturn fits into a post-rally sequence where many altcoins undergo profit-taking. Such a context mechanically weighs on the crypto price, regardless of fundamentals. This recent drop marks the first dip below $130 since January 2, 2026, highlighting increased technical fragility.

Yet, network fundamentals are accelerating. The number of daily active addresses jumped 51 % over the last week, crossing 5 million, according to Nansen data. The daily transaction volume also rose 20 %, reaching 78 million operations by January 16.

At the same time, the supply of stablecoins hosted on the Solana network exploded by 15 % in seven days, hitting a record $15 billion. According to analysis relayed by Milk Road, this rise in stablecoins “represents new liquidity entering the network”, meaning more capital available for trading and decentralized application use.

Solana falters below $130, but fundamental signals remain solid. While the market undergoes a correction, whales rush in despite the price drop, betting on a recovery supported by network activity. This price/fundamental gap could announce a faster turnaround than expected.

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.