Despite a notable decline in on-chain activity throughout June, Solana (SOL) has maintained price stability, trading above $150 as of Friday. Key network metrics—including Realized Economic Value (REV), app revenue, and decentralized exchange (DEX) trading volume—saw significant month-over-month drops. However, renewed accumulation by DeFi Development Corp (DFDV) and strong underlying fundamentals continue to support market confidence in the Layer 1 blockchain.
On-Chain Metrics Dip in June
According to a recent report from Blockworks Research, Solana experienced a slowdown in network activity during June, with several core performance indicators showing contraction.
The blockchain’s Realized Economic Value (REV)—a metric that captures the economic value settled on-chain—declined by 48%, falling to $63 million. Despite this drop, Solana still accounted for 31% of global on-chain transaction demand, outpacing both Tron (28%) and Ethereum (23%).
App revenue also took a hit, decreasing by 38% to $150 million for the month. While lower than May’s figures, Solana-based applications still generated 35% of all blockchain app revenue, far ahead of Binance Smart Chain, which held second place at 17%.
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DEX trading volume on Solana reached $90 billion in June, a 35% decline from the previous month. Notably, meme tokens made up 61% of total DEX volume, highlighting continued retail interest in speculative assets. Even with the monthly drop, DEX volume remains 50% higher than June 2024, suggesting long-term growth momentum is intact.
Institutional Accumulation Resumes
Amid softer user activity, institutional interest in Solana appears to be strengthening. DeFi Development Corp (DFDV) recently resumed its SOL accumulation strategy, purchasing 17,760 SOL at an average price of **$153 per token**. This acquisition increases DFDV’s total holdings to **640,585 SOL**, including approximately $97.3 million in staking rewards.
The purchase follows DFDV’s successful $112 million private fundraising round, signaling strong investor confidence in Solana’s long-term potential. The company now ranks among the top corporate holders of SOL.
Other firms that have adopted Solana as a strategic reserve asset include Upexi, Sol Strategies, and Classover Holdings, reflecting growing institutional recognition of the network’s scalability and developer ecosystem.
This wave of corporate accumulation mirrors trends seen earlier in the 2023–2024 bull cycle, where forward-looking investors accumulated during periods of market consolidation.
Market Sentiment and Price Outlook
As of Friday, **SOL was trading at $152**, down 0.4% over the past 24 hours but holding firm above the psychologically important $150 level. The relative price stability—despite declining on-chain activity—suggests that selling pressure may be limited and that long-term holders remain confident.
Market analysts suggest that seasonal trends, combined with broader macroeconomic factors such as stablecoin supply growth and improving crypto regulatory clarity, could provide tailwinds for Solana in the second half of 2025.
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Core Keywords and SEO Integration
This analysis centers around several core keywords that reflect both user search intent and current market dynamics:
- Solana price
- SOL on-chain activity
- DeFi Development Corp
- Realized Economic Value (REV)
- Solana DEX volume
- Institutional crypto accumulation
- SOL staking rewards
- Blockchain app revenue
These terms have been naturally integrated throughout the article to enhance search engine visibility without compromising readability or editorial tone.
Frequently Asked Questions (FAQ)
What is Realized Economic Value (REV), and why does it matter for Solana?
REV measures the total value of transactions that represent real economic activity on a blockchain—such as trades, payments, and smart contract executions—excluding internal transfers and exchange movements. For Solana, a high REV relative to competitors indicates strong adoption and utility, even when prices fluctuate.
Why did Solana’s DEX volume drop in June?
The 35% decline in DEX volume was largely driven by reduced speculative trading and lower retail participation. Additionally, meme token volatility—which previously inflated volumes—cooled off during the month. However, year-over-year growth remains positive, suggesting underlying strength.
Is declining app revenue a red flag for Solana?
While app revenue fell 38% month-over-month, Solana still dominates the sector with 35% of all blockchain app income. Revenue fluctuations are common in crypto due to variable token emissions, yield changes, and market sentiment. The key takeaway is Solana’s continued leadership in developer activity and user engagement.
Who is buying Solana right now?
Entities like DeFi Development Corp, Upexi, and Sol Strategies are actively accumulating SOL. These organizations often operate like crypto treasuries, holding assets long-term to support ecosystem development or generate staking yields.
How does SOL price stability relate to on-chain data?
Price and on-chain activity don’t always move in sync. In this case, SOL’s stability despite weaker metrics suggests that holders are not panicking—potentially due to confidence in upcoming upgrades (e.g., Firedancer) or broader market recovery expectations.
Could Solana rebound in the second half of 2025?
Many analysts believe so. With institutional accumulation rising, network upgrades on the horizon, and increasing stablecoin issuance on-chain, Solana is well-positioned for renewed growth if overall crypto market conditions improve.
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Conclusion
While June brought a cooldown in Solana’s on-chain activity, the fundamentals remain resilient. Declines in REV, app revenue, and DEX volume reflect broader market trends rather than network-specific issues. Meanwhile, strategic acquisitions by companies like DeFi Development Corp underscore enduring institutional belief in Solana’s scalability and long-term viability.
As the ecosystem prepares for technical upgrades and potential regulatory clarity in 2025, investor focus will likely shift back to innovation and adoption—areas where Solana continues to lead. For now, holding above $150 signals strength amid uncertainty, setting the stage for a possible resurgence in the coming months.