Solana News: SOL Rout Continues, Bear Market Fears Rise Even as On-Chain Metrics Stay Strong

Solana’s sell-off deepened this week, with SOL down about 18% week-over-week (WoW) according to CoinMarketCap data, as record on-chain activity failed to stem mounting bear market fears.

Solana’s sell-off deepened this week, with SOL down about 18% week-over-week (WoW) according to CoinMarketCap

, as record on-chain activity failed to stem mounting bear market fears.

The slide reflects a broad risk-off turn across crypto markets rather than Solana-specific weakness, with analysts pointing to thinning liquidity, shrinking spot volumes, and macro pressures tied to expectations of a more hawkish U.S. Federal Reserve.

On-chain, however, Solana continues to outperform. The network logged record transactions per second and led peers in wallet activity this week,

to the Solana Foundation.

That divergence has sharpened debate over whether SOL is approaching a bottom or faces further downside.

SOL Slides as Risk-Off Pressure Builds

SOL is down more than 65% from 2025 highs. Source: CoinMarketCap

As of Feb. 10, SOL has fallen to around $84, shrinking the network’s market capitalization to roughly $48 billion and marking a drop of more than 65% from 2025 highs near $250, CoinMarketCap