Solana’s Network Frenzy: Record Usage Defies the Crypto Winter as Bulls Eye $120 Rebound

If you want to spot the difference between a real blockchain and a ghost town, check the traffic. Solana, the chain that critics love to call a perpetual beta test, just posted a record-shattering 910 million weekly transactions, according to FXEmpire (2026-02-04). That’s not a typo. The number is so high it makes Ethereum’s on-chain activity look like a Sunday farmer’s market by comparison. The catch? Solana’s price is still licking its wounds from a brutal 25% drawdown, stubbornly hovering near the psychological $100 mark. So what happens when network activity explodes, but price refuses to cooperate? Is this the canary in the coal mine for a new altcoin cycle, or just a lot of degens flipping JPEGs and hoping for an airdrop?

Let’s get the facts straight. Solana’s transaction count has never been higher, but the price action is a different story. After peaking above $135 in mid-January, Solana has been in a controlled descent, with the latest print just above $100. Bulls will point to the 95% surge in network activity as a sign of underlying health. Bears will say it’s just bots and memecoins clogging up the pipes while real capital flees to safety. The reality, as always, is messier. The network is being used, and used heavily, but the market isn’t rewarding that with a higher token price. Not yet, anyway.

Zoom out and you’ll see that Solana’s price is still up more than 300% from its 2025 lows. That’s the kind of performance that makes even the most hardened Bitcoin maximalist sweat a little. But the recent correction has traders on edge. The $100 level is more than just a round number. It’s a psychological line in the sand, a place where bulls and bears have been brawling for weeks. If Solana can hold this level, the next leg up could be violent. If it fails, the air gets thin fast below $90.

What’s driving all this activity? It’s not just degenerate speculation, though there’s plenty of that. Solana’s DeFi protocols are quietly eating market share from Ethereum, thanks to near-zero fees and lightning-fast settlement. NFT volumes are creeping back up, and developers are shipping new dApps at a pace that would make even Vitalik blush. The network’s unique architecture, which critics once called a liability, is now proving to be a moat. When Ethereum fees cratered and Layer 2s lost their raison d’être, Solana just kept humming along, processing more transactions than most Layer 1s combined.

But here’s the rub. All this usage hasn’t translated into price gains, yet. The market is still traumatized from the 2022-2023 liquidity crunch, and big money is skittish about chasing anything that isn’t Bitcoin or Ethereum. Solana’s volatility is both a blessing and a curse. It’s the chain for traders who like to live dangerously, but that also means it’s the first to get dumped when risk-off mode hits. The current standoff at $100 is a battle between conviction and caution, with neither side willing to blink.

Strykr Watch

The technicals are as clear as they get in crypto. $100 is the must-hold level for bulls. Lose it, and the next real support is down at $85, where the 200-day moving average lurks like a vulture. On the upside, a break above $120 would invalidate the bear thesis and open the door to a quick move back to $135. RSI is neutral, hovering around 48, but on-chain momentum is screaming higher. Funding rates are flat, suggesting no one is particularly overleveraged. In other words, the powder keg is set, but no one’s lit the fuse, yet.

The options market is pricing in a Strykr Score of 72/100, which is elevated but not extreme by Solana standards. Open interest has ticked up, with a slight bias toward calls, but nothing that screams imminent squeeze. If you’re looking for a textbook risk-reward setup, this is it. The tape is coiled, and the next move will be decisive.

The risks are obvious. If Solana loses $100, the next stop is a fast trip to $85, and from there, things get ugly. Macro headwinds are still swirling, with US jobs data coming in soft and the Fed refusing to commit to a dovish pivot. If risk assets puke, Solana will not be spared. There’s also the ever-present specter of network outages, though to be fair, the chain has been surprisingly stable lately. Still, one bad headline and the algos will be tripping over themselves to hit the sell button.

On the flip side, the opportunities are real. If Solana can hold $100 and reclaim $120, the path to $135 is wide open. The network effect is undeniable, and if capital rotation returns to altcoins, Solana will be at the front of the line. For traders with a stomach for volatility, this is a classic asymmetric bet. Risk a quick stop below $95, target $135 and possibly higher if the altcoin cycle reignites. Just don’t get greedy, this market punishes hubris.

Strykr Take

Solana is the ultimate Rorschach test for crypto traders. Bulls see a network on fire, bears see a price chart that refuses to cooperate. The truth is somewhere in between. If you believe in the altcoin rotation thesis, this is your shot. If you’re risk-averse, wait for a clean break above $120. Either way, the next move will be explosive. Strykr Pulse 68/100. Threat Level 4/5. This is not the place for tourists. Strap in, set your stops, and let the market do its thing.