Solana’s on-chain momentum is refusing to slow, even as SOL’s market price retests the $60 area. While the altcoin has endured a prolonged downturn, network activity has been surprisingly strong — and in some cases, record-setting.
On-chain watcher Zensei flagged the trend on X, showing a steep rise in returning users. Solana now sees more than 1.7 million daily returning participants — the highest level since February — a metric many analysts view as a key signal of network health because it suggests sustained engagement rather than one-off speculation. According to Zensei, these users aren’t just logging in; they’re increasingly active across Solana’s growing suite of apps and services.
The network’s recent outperformance extends beyond user counts. Over the past week, Solana outpaced Ethereum in both perpetual futures (perp) volume and DEX-aggregator volume. Zensei’s figures put SOL’s perp volume at roughly $19.0 billion versus Ethereum’s $10.1 billion — an ~89% lead — while DEX-aggregator volume was about $10.2 billion for Solana compared with $4.8 billion for Ethereum, a roughly 115% advantage. Perpetual futures are a major derivatives product that traders use to take leveraged positions, so heavy perp flow can reflect strong speculative and hedging activity on a chain.
These on-chain trends have prompted bullish commentary, with Zensei arguing that Solana is positioned to lead the next wave of decentralized finance relative to Ethereum, pointing to Solana’s capacity to handle rising activity levels.
Market prices remain subject to volatility. CoinMarketMap shows SOL trading around $65 — up nearly 2% in the last 24 hours — even as 24-hour trading volume has slipped by more than 3%. The contrast between robust on-chain engagement and softer price/volume action highlights a market where user-driven utility is growing even amid short-term selling pressure.
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