Solana price remained resilient above $150 last week, defying a significant drop in on-chain activity during June. This stability coincides with continued institutional accumulation of SOL tokens, highlighting a divergence between network metrics and market confidence.
Network activity declines
Key Solana metrics saw substantial reductions in June:
• Real Economic Value (REV) dropped 48% to $63 million
• App revenue fell 38% ($150 million decrease)
• DEX volume declined 35% to $90 billion
Despite this, Solana still processed 31% of global on-chain transactions—outpacing Tron (28%) and Ethereum (23%).
Institutional accumulation continues
DeFi Development Corporation (DFDV) acquired 17,760 SOL at $153 per token, raising its total holdings to 640,585 SOL. This includes $97.3 million in staking rewards. The purchase follows DFDV’s recent $112 million private placement funding round . Other public companies like Upexi, SOL Strategies, and Classover Holdings are similarly accumulating SOL as a primary reserve asset .
Market implications
The steady price action amid declining usage suggests institutional demand may be offsetting retail caution. SOL traded at $152 on Friday with minimal volatility, indicating strong support levels despite the 48% REV drop . This follows a pattern of institutional accumulation throughout 2025, including DFDV’s $100 million SOL purchases in May that pushed prices above key resistance levels .
Broader context
Solana’s June performance contrasts with earlier bullish trends. While May saw 25% price gains fueled by institutional purchases , June’s transaction volume still represented a 50% year-over-year increase despite the monthly dip . The network continues to demonstrate real-world utility, processing over 3 billion transactions monthly—more than 2.4x the combined activity of other major blockchains.
