TL;DR
- According to data from SolanaFloor, monthly non-voted transactions jumped to an all-time high, while true transactions per second averaged 1,318.
- Galaxy Digital unstaked 250,000 tokens, worth about $40.7 million, and routed the funds to a major exchange, highlighting whale‐driven profit-taking.
- Year to date, SOL is down nearly 30 percent, while Bitcoin, Ethereum, and XRP have gained roughly 26, 15, and 48 percent, respectively.
Solana has seen an explosion in network usage this July, establishing new benchmarks across multiple metrics. According to data from SolanaFloor, monthly non-voted transactions jumped to an all-time high, while true transactions per second averaged 1,318, the strongest throughput the blockchain has ever recorded. At the same time, DeFiLlama reports that Total Value Locked in native SOL terms reached its highest level in over three years, underscoring the growing stickiness of decentralized applications and user activity on the network.
Whales Begin to Tap the Market for Profit
Behind this surge in activity, large SOL holders have started liquidating portions of their stakes. Lookonchain flagged that Galaxy Digital unstaked 250,000 tokens, worth about $40.7 million, and routed the funds to a major exchange. Meanwhile, Onchain Lens observed another whale unstake roughly 30,010 SOL, valued at $4.9 million, after a two-month hiatus. Over the past four months, this same account has unstaked more than 205,000 SOL, valuing over $30 million, even though it retains approximately $179 million locked in staking contracts.
Price Performance Trails Major Cryptos
Despite the flurry of network activity, SOL’s market price has struggled to keep pace. Year to date, the token is down nearly 30 percent, while Bitcoin, Ethereum, and XRP have gained roughly 26%, 15% and 48%, respectively. Traders note that the disconnect between on-chain momentum and price action underlines significant broader sentiment challenges. Market analysts suggest that as long as whales rotate out and profit-taking persists, SOL may find it difficult to break its current performance ceiling.
Competition and Technical Roadblocks Loom
Meanwhile, Solana’s upside faces fresh headwinds beyond market sentiment. Emerging platforms such as Hyperliquid DEX have captured power users with streamlined perpetual products, challenging Solana’s narrative. At the same time, delays in key upgrades like the Firedancer client have fueled uncertainty among developers.
Public departures and disputes within core teams have added turbulence. Analysts warn that until Solana can deliver consistent technical milestones and reinvigorate confidence, whale rotations and competitive pressure may continue to weigh on its price trajectory.
