Solana Price Slips as Weekly Transactions Hit 959M

Solana’s short-term price action weakened on the one-hour chart, even as on-chain usage climbed to a new weekly high. The setup showed near-term selling pressure while transaction activity reached its strongest level on record.

SOL H1 Chart Signals Waning Momentum After Range Failure

The one-hour SOL/USD chart shared by X user Matt shows price fading after a weak rebound from the recent selloff. SOL dropped hard from the low-$90s, printed a sharp wick near the mid-$70s, and then rebounded into a tight range between roughly $85.4 and $88.7. However, price failed to hold the top of that range and then slipped back below the mid-zone, which points to fading upside momentum.

Solana H1 SOLUSD Chart. Source: @tradermatt on X

Price now trades near $82.9 on the chart, below the prior consolidation band. As a result, the structure shifts from range support to range resistance. The repeated rejections near the upper dotted level suggest sellers defended that zone, while the lower dotted level failed to hold on the latest push. Therefore, the short-term bias tilts lower unless SOL reclaims the former range and holds above it on closes.

The chart also marks overhead supply near the low-to-mid $90s, where a prior breakdown started. At the same time, the blue zone near the low-$50s highlights a deeper demand area from earlier price history. While that zone sits far below current price, its placement shows where prior buyers stepped in after heavy sell pressure. In the near term, the loss of the $85–$86 area keeps pressure on rebounds and leaves SOL exposed to further downside if follow-through selling builds.

Solana Weekly Transactions Hit a New High as Network Activity Spikes

The chart shared by SolanaFloor on X shows Solana recording about 959 million transactions for the week ending Feb. 8, setting a new high in weekly on-chain activity. The Artemis data tracks total transactions over time and marks the latest reading just below the one billion level, which stands above prior peaks seen in late 2024 and earlier cycles. As a result, the latest print places network usage at its strongest point on record in this dataset.

Solana Weekly Chain Transactions Chart. Source: Artemis via SolanaFloor on X

Activity rose in waves through 2024, then pulled back into the 400 million to 600 million range before the latest surge. The recent jump stands out because it follows several weeks of softer readings, which points to a sharp pickup in throughput rather than a slow grind higher. At the same time, the broader trend since late 2023 shows higher highs and higher lows in weekly transactions, which signals expanding baseline usage over time.

The spike also comes after repeated swings in activity across prior months, where peaks near 700 million to 800 million failed to hold. This time, the move pushed past those levels and set a fresh record. Therefore, the data shows stronger short-term network load, even as the series remains volatile from week to week.