Solana (SOL) has achieved unprecedented on-chain activity with a record high in non-voted transactions, even as its token faces significant price pressure due to whale sell-offs and competitive pressures.
The network averaged 1,318 true transactions per second (TPS) in July, marking an all-time high for monthly non-voted transactions. This surge indicates robust usage despite broader market challenges. Concurrently, Solana’s Total Value Locked (TVL) has demonstrated substantial growth, reflecting increased adoption of its decentralized finance protocols and heightened network engagement.
Significant holders have contributed to downward price momentum through large-scale disposals. Notably, Galaxy Digital unstaked 250,000 SOL (valued at approximately $40.7 million) and transferred the tokens to Binance. Such whale activity has compounded investor concerns amid a difficult year for SOL.
Solana’s market performance has notably lagged behind major cryptocurrencies, registering a 30% year-to-date decline. This underperformance relative to Bitcoin, Ethereum, and XRP stems from both whale exit strategies and competitive disruption from emerging platforms like Hyperliquid DEX. Additionally, delays in implementing core upgrades such as Firedancer have hindered investor optimism around Solana’s near-term scalability improvements.