Solana's Record-Breaking Network Activity Fails to Boost Token Price

Solana's price has been inconsistent with its record-breaking network activity, with the token price remaining below its recent highs.

Despite processing a record 14.2 billion non-vote transactions in Q3, a 45% increase from Q2, the SOL token price has not followed suit.

This discrepancy is evident in the data, as the network's activity has been steadily increasing, while the token price has been stuck in a range between $115 and $125.

The ETF demand has added another layer of complexity to the Solana price narrative, with U.S. spot Solana ETFs accumulating roughly 4.37 million SOL from July 13 through Sept. 25, and completed-week ETF inflows reaching $188.1 million over Sept. 21-25.

The chart analysis suggests that the token price may face resistance around the $125 level, with some analysts predicting a move towards the $87.8-$103.7 support zone.