Solana daily transactions have dropped 50% despite the network’s native token $SOL recently experiencing a price rally, according to CryptoQuant, an on-chain data analytics provider.

The decline reflects reduced on-chain activity as meme coin enthusiasm shifts to competing platforms like BNB Chain.

The report shows a negative divergence between price momentum and on-chain activity, suggesting that the recent price surge may be driven more by speculative market sentiment than by organic network demand. In a healthy market cycle, price appreciation typically coincides with growing on-chain engagement.

The decline in network activity warrants further analysis to determine whether it comes from a drop in user-driven transactions across DeFi and NFTs, or from a reduction in validator voting activity, which accounts for the majority of Solana’s on-chain operations.