Solana (SOL) handled heavy network demand in the first quarter, but the token stayed stuck near $84, leaving traders waiting for a clearer price response.
Solana Activity
Data from market tracking on X showed Solana processed more than 25.3 billion transactions in Q1 2026, while average fees stayed near $0.00201 and transferred value reached about $1.1 trillion.
The network also led app revenue, with $1.94 million daily, $15.32 million weekly and $71.07 million monthly, a sign that usage is producing measurable economic activity rather than short bursts of speculation.
That low-cost profile stayed intact during the Jan. 31 volatility spike, when Solana fees held near $0.00065 and briefly rose to $0.00085, far below Ethereum (ETH) at about $8.67 and Base at $0.61.
Even so, SOL did not follow the usage trend higher, which left the market weighing whether adoption alone can force a broader repricing.
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SOL Price
SOL remained trapped between roughly $70 and $90 after falling from cycle highs near $260 to $295, and it continued to trade below the $97.39 resistance zone. Flat OBV and muted CMF pointed to weak capital inflows, which suggested buyers had not yet matched the strength seen in network data.
That disconnect is the core issue for Solana.
The token has stabilized after a steep correction, but recent price action still shows a market that is waiting for conviction, not one that has fully priced in stronger activity, revenue growth and lower transaction costs.
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