Despite a severe price decline of over 50% from its 2025 high, Solana’s network activity shows resilience. New wallet creation is rising according to Santiment data, contrasting with negative market sentiment and ongoing concerns about network security and validator responsiveness. The SOL token trades near $84, with short-term price action showing mild gains amid continued debate over the chain’s technical health.
Solana’s native token trades near $84, down nearly 67% from its September 2025 all-time high. This steep slide coincides with new on-chain data and community debates highlighting a network under strain.
A significant source of recent frustration stems from a critical security scare in January. Client maintainers urged validators to upgrade after disclosing vulnerabilities that could crash nodes, but reports indicated over half remained on older versions.
Tim Garcia of the Solana Foundation urged operators to update quickly, exposing the chain to potential risks. Further operational friction resurfaced in February when a network disruption rerouted U.S. traffic through Europe and Asia.
Analysts like Ali Martinez warned that losing the $100 price zone could open a path toward $74 or $50. The asset is currently down about 35% over the past month and 51% year-on-year, though it shows mild short-term gains.
Technical indicators remain mixed, with some traders seeing a bearish breakdown and others seeing a potential push back toward $114. Santiment added that deeply negative funding rates suggest many traders are betting against SOL, a setup that sometimes precedes short squeezes.
Despite the price pressure, Santiment reported rising daily wallet creation in February. This metric suggests ongoing user interest even as market sentiment weakens.
Exchange data also shows outflows exceeding inflows, a sign some holders are moving tokens off trading platforms. The current mood contrasts with earlier cycles defined by NFT booms and meme coin launches that once dominated online discussion.
Ultimately, Solana presents a layered picture where prices have fallen sharply. Yet new wallets, active builders like Zora which shifted a product to the chain, and crowded short positions show participation has not disappeared.
