Simply put
- Solana’s daily transaction count has dropped to 64 million, nearly a 50% decrease from its peak in July.
- An expert indicated that the main reasons for this decline are the shift of funds to competitors and friction within the network.
- Even with the anticipated ETF approval on Friday, Solana’s value seems set to mirror Bitcoin’s trends.
Solana’s trading activity has been on a steady decline, even with the highly anticipated ETF expiration approaching. One analyst mentioned that the token’s price seems to be following Bitcoin’s lead.
Data from CryptoQuant shows that daily transactions on the network fell from a high of 125 million on July 24, 2025, to roughly 64 million now.
The SEC is expected to make decisions on Solana’s ETF spot applications from several issuers, including VanEck and 21Shares, this Friday, according to Bloomberg Intelligence.
“It suggests a rebalancing away from the hype volume,” commented Shivam Thakral, CEO of the Indian crypto platform BuyUcoin.
Thakral pointed out that reduced retail activity and the movement of funds toward other networks, like the BNB chain, are significant contributors to this downturn.
“Both validator performance and user experience issues can trigger declines: part of this is normalization, part is competitive pressure, and part reflects a shift in sentiment,” he noted.
The significance of certain filings and their deadlines has diminished since the SEC introduced “general listing standards” in September.
ETF analyst Eric Balchunas had previously indicated that the approval of the Solana ETF was almost certain following the September announcement.
This confidence is evident in Bitwise’s recent filing, which features a low commission rate of 0.20%.
“I’m serious about bits,” Balchunas wrote on Thursday, in relation to Bitwise’s fee structure changes.
He added, “Low fees have historically attracted investors, indicating a good chance for inflows.”
Thakral expressed skepticism about Solana’s ability to rise independently, saying, “It’s far more likely to align with Bitcoin’s movements.”
A prolonged upward trend in Solana’s value will likely hinge on both significant ETF inflows and its own unique catalysts.
