Solana’s price continued to fall sharply this week, hitting its lowest level since January 2024. The decline comes as the broader crypto market faces heavy selling pressure.
SOL dropped to around $104, far below its record high of nearly $300. The sell-off has wiped out billions of dollars in market value in a short time.
The price fall is notable because Solana’s network activity remains strong. Data from Nansen shows Solana is currently one of the most used blockchain networks by investors.
In the past 30 days, Solana processed more than 2.34 billion transactions, up 33% from the previous period. This figure is higher than the combined transactions of Ethereum, Base, and BNB Chain.
Active addresses on the Solana network rose by 67% in January to over 98 million. Stablecoin inflows have also increased, pointing to continued user demand.
Solana is also earning more from fees. The network generated over $26 million in fees in the last month, compared with $14 million for Ethereum and $19 million for BNB Chain.
Despite these positives, the price drop appears tied to wider market weakness. Bitcoin and most major altcoins have fallen sharply, with losses accelerating over the weekend amid macro and geopolitical concerns.
Technical charts show additional downside risk. Solana has formed a large head-and-shoulders pattern on the weekly chart and has broken below key support levels. Analysts say the next major support could be near $70 if the downtrend continues.
