Solana Price News: SOL Flashes Sell Signal as On-Chain Revenue Drops to Multi-Year Low

Published: June 26, 2026

Key Points

• Solana's on-chain revenues have significantly decreased, reflecting the ongoing bear market's impact on network usage.
• A double-top pattern suggests SOL could decline to $50.
• A rise in daily active users may indicate that dormant addresses are preparing to sell their holdings.

Market Overview

Solana (SOL) has experienced a 16% drop over the past month, forming a technical pattern that may lead to further declines. Trading volumes have surged by 14% in the last 24 hours, reaching $4.2 billion, which represents over 10% of the asset's circulating market cap.

The macroeconomic situation in the U.S. has worsened, with inflation rates doubling the Federal Reserve's target, putting pressure on cryptocurrencies as risky assets tend to suffer in deteriorating market conditions. Increased financing costs and negative sentiment contribute to a potential for further downside.

Revenue Decline

According to data from Artemis, Solana's weekly revenues have fallen to their lowest since December 2023, dropping to $2.9 million for the week ending June 14. This is a stark contrast to the typical range of $5 million to $10 million seen throughout the year, indicating a significant decline in on-chain activity, which is common during bearish cycles.

Active Users and Market Sentiment

Interestingly, daily active users (DAUs) have surged to their highest level since March 30, which could suggest two scenarios: either SOL holders are moving assets into cold storage, indicating bullish sentiment, or they are preparing to sell their holdings through centralized exchanges, which would be bearish.

Decentralized exchange (DEX) volumes have also seen a significant drop, with weekly volumes halving from around $20 billion in February to less than $10 billion recently.

Price Forecast

On the daily chart, SOL has formed a double top at $75, a bearish pattern that could lead to a significant price drop. Confirmation of this pattern would occur if SOL falls below $70 again. The most likely target for this decline is $61, with a mid-term target set at $50.

The Relative Strength Index (RSI) currently sits at 48, and a drop below 40 would signal a bearish momentum shift, reinforcing the sell signal.

Conclusion

As Solana's on-chain activity remains low and market conditions worsen, the likelihood of a sustained price drop appears high. Investors should closely monitor these developments and consider the implications for their trading strategies.