Solana is trading around $100–$105 after a violent sell-off that pulled SOL-USD from almost $300 to near triple-digit support, erasing roughly 65% of its peak market value. The drawdown is not the result of a dead network. Over the last 30 days Solana processed about 2.3 billion transactions, more than a 30% increase versus the prior month and ahead of rivals like Ethereum, Base and BNB Chain combined. Active addresses jumped toward 98–100 million, up roughly 67% in January alone, putting Solana on track to exceed 100 million unique active wallets.
Fee generation confirms that usage: protocol revenue over the last month was in the mid-$20 million area, compared with around $14 million on Ethereum and roughly $19 million on BNB Chain in the same window. At the same time, spot SOL-USD has been hit by broad risk-off flows. Bitcoin broke sharply lower, altcoins followed, and the selloff intensified into the weekend as Kevin Warsh’s nomination for Fed Chair and renewed US–Iran tension pushed investors out of high-beta assets. The result is a classic disconnect: record network usage and fee income on one side, multi-year price lows on the other.
The weekly timeframe is where the real technical damage is visible. Solana (SOL-USD) has carved a multi-year head-and-shoulders pattern with a neckline around $108–$110. Price has now slipped under that neckline, activating a classic bearish continuation structure. SOL trades below its 50-week and 100-week exponential moving averages and has broken through the 61.8% Fibonacci retracement of the prior major upswing.
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