Overview

• Fresh CryptoQuant readings show daily transactions at roughly 64 million, down from about 125 million in late July.
• SOL trades in the low $220s with strong turnover after a push above $240 earlier this month.
• The widening gap between price and on‑chain counts has prompted warnings that recent gains could be speculation-driven rather than usage-led.
• Context matters because 80–90% of Solana’s activity historically comes from validator voting, which can depress totals without signaling user flight.
• Technical views point to consolidation above key moving averages, with support around $210–$215 and risk below $210, while some traders cite potential ETF catalysts and even a $600 target as speculative upside.