Solana continues to stand out in blockchain activity as transaction volumes remain far above many competing networks. Token Terminal noted on Feb 11 that Solana processed nearly ten times more transactions than Base over the past week.
This highlights how Solana’s Layer 1 structure is still attracting heavy demand, even as market prices weaken. There are so many transactions that people are using decentralized exchanges, gaming applications, and payment functionality quite actively.
Of course, the fact that there are many transactions does not necessarily mean that the price will go up, but it is a sign that Solana is still one of the most active ecosystems in the current market.
Stablecoin Supply Rises Sharply on Solana
The stablecoin transactions on the Solana network have also increased rapidly. SolanaFloor reports that the stablecoin supply and inflows have both increased over the past seven days. The total stablecoin supply on the Solana network has risen by 6% in one week.
This is important because the usual growth of stablecoins means that more money is flowing into the system. Since stablecoins are widely used for trading, lending, and DeFi, more stablecoins in the system may indicate more capital in the system.
If the growth of stablecoins increases, it means that users are preparing for more action, such as more trades or more use of protocols. Even when prices decline, an increase in stablecoins may indicate that the system is financially active rather than slowing down.
Price Correction Deepens As SOL Tests Support
Despite the heavy usage of the network, Solana’s price is in a noticeable pullback. SOL is currently at $80.03 following a week of decline of about 7.7%, according to data from TradingView.
From the weekly chart, it is clear that the long-term uptrend of Solana, which started in 2024, has weakened. The price is below the 50-week and 100-week exponential moving averages and is significantly below the 200-week EMA at $123.
The loss of these levels means that the market’s rise has been slowed and that there is a larger pullback occurring. Trendoscope data confirms this. The pullback percentage is 77%, which is above the median, indicating that the pullback is larger than normal.
However, the strength of the rise to the top is at zero, indicating that there are no strong bullish continuation candles. The momentum indicators remain bearish, but the RSI is in the region of 28-30, which means SOL is in the oversold region. Being oversold could result in a relief rally, but it is not a guarantee.
The region of $75-$80 has become an important support level. If SOL breaks below this level, the risk of a fall could extend to the region of $60-$65. On the other hand, the resistance level remains strong at $100, with a stronger level at $120-$125.
Read More: Solana Treasuries Bleeding: $1.5B Losses Hit as Buying Halts
