Solana’s rate can also simply be soaring, but its community job tells a interesting fable. On-chain recordsdata shows that each day transactions on the Solana blockchain own collapsed by nearly 50%. It fell from spherical 125 million on July 24 to roughly 64 million now. This decline comes as SOL has rallied extra than 24% over the final 60 days.
As of now, Solana faces a fundamental week on the regulatory front. The US SEC is reviewing extra than one plight Solana ETF filings from foremost issuers. This entails VanEck, Fidelity, Grayscale, and Franklin Templeton, with key time closing dates due Friday.
Beneficial properties from Bitwise and 21Shares will agree to by mid-October.
Is the SOL rally built on hype?
In accordance with the CryptoQuant account, Solana rate has climbed from leisurely September lows of $191 to alternate come $230 this week. The divergence of rising prices alongside falling usage caught analysts’ attention. They added that in a wholesome uptrend, prices in general cross in accordance to rising community inquire. On the other hand, on this case, the reverse is going down, which implies that speculation and no longer fundamentals can also simply be driving the rally.
The fats portray is dependent on the form of transactions that own dropped. The account mentioned that spherical 80–90% of Solana’s total transactions are “voting” transactions. They were tied to its consensus mechanism. If the decline is basically from those, then it may per chance per chance maybe well presumably no longer be a red flag.
It added that if individual job in DeFi, NFTs, and transfers is falling, then it raises questions about how sustainable basically the most modern rate cross truly is.
Solana Chart Prognosis: A Virtually 50% Fall in Transactions Amidst Trace Rally
“The each day transaction volume has plummeted from its top of roughly 125 million on July 24, 2025, to a most modern level of spherical 64 million.” – By @CryptoOnchain pic.twitter.com/8MgIAb8p9i
— CryptoQuant.com (@cryptoquant_com) October 9, 2025
Solana rate recorded a marginal dip over the closing seven days. SOL is amassed working up by 18% on a 365 days-to-date (YTD) basis. It is procuring and selling at an practical rate of $222.4 at press time. Its 24-hour procuring and selling volume hovers spherical $8 billion.
Solana ETF approval odds hit ninety 9%
This is able to maybe well be a huge week for Solana as the closing resolution on plight SOL ETFs may maybe well presumably be lawful days away. On Polymarket, traders are assigning over ninety 9% odds to approval this 365 days. Bloomberg ETF analysts Eric Balchunas and James Seyffart now leer a 100% chance of approval. They cited clearer regulatory guidance and management changes at the SEC.
Analysts gather that approval can also beginning the floodgates for institutional inquire. This is able to maybe well presumably be the same catalyst that beforehand helped both Bitcoin and Ethereum reach account highs.
Within the period in-between, Bitwise lawful amended its Solana ETF filing. Cryptopolitan reported that the asset supervisor is environment a 0.20% annual administration fee and adding a staking characteristic. Balchunas described the cross as a “damaged-down Terrordome play,” noting it may per chance per chance also living off fierce competitors amongst issuers.
