Solana’s on-chain activity has surged despite a drop in price, indicating strong network fundamentals and raising the possibility of a price rebound. The analysis examines Solana’s on-chain data, investigates the reasons behind the price decline in June, and explores potential catalysts that could drive a price spike. Key findings include significant price fluctuations in June, increased daily transaction volume on the Solana network, the highest level of non-vote transactions in two years, Solana’s capture of a significant share of the DEX market, and its ranking as the fourth highest in NFT sales volume. The article also discusses Solana’s ecosystem updates, the potential for Solana ETFs, the performance of Solana meme coins, Solana’s DEXs, and updates on Solana NFTs and gaming. Looking ahead, the article examines whether Solana can rise in a competitive market, highlighting the need to address internal network issues, attract and retain users and developers, and leverage institutional investor interest. Despite challenges, Solana remains optimistic about its future growth and market presence.
