The Solana network reached two historic activity milestones in the same week, hitting record levels for both daily transaction volume and weekly averages for operations processed.
January 30th was the busiest day ever recorded at Solana. 148 million non-voting transactions processed in just 24 hours. This data represents the network’s historical maximum and confirms that its usage levels are increasing significantly.
So-called non-voting transactions do not involve internal operations that validators use to coordinate the operation of the network. For this reason, they are considered indicators. more representative of actual use By users and applications.
This is a daily record, not a special event. It occurred during the most active week in Solana’s entire history. A period during which the network processed approximately 1 million transactions. The number of non-voting transactions reached an average of 1,505 transactions per second (TPS).
This data reflects a continued acceleration in activity towards the end of January. Maximum weekly value consolidated into the period As the one with the largest operational load. This is the first time since the network launched in 2020.
Beyond raw transaction numbers, a significant portion of network usage is concentrated in decentralized finance (DeFi) applications that maintain high levels of total value lock (TVL).
According to DefiLlama data, Solana’s capital is primarily distributed between decentralized exchange protocols, lending, and liquidity provision.
Among the applications with the highest TVL Jupiter, Raydium, Marinade, Orca and Solend stand out on the network. These protocols concentrate a large portion of capital, explaining why increased trading responds to sustained financial usage rather than just a specific move.
This data is important because TVL measures how much capital remains deposited in the protocol and can differentiate between peaks of speculative activity and more stable participation. In the case of Solana, rankings for major applications remain strong despite market fluctuations. Capital continues to be concentrated in a few platforms.
Meanwhile, the movement of Solana’s stablecoin provides additional signals. Although the total volume of stablecoins has declined in recent months, the level of TVL associated with these assets remains high ($13.777 billion). This fact indicates that some of the capital did not leave the network, but rather decreased exposure or changed positions within the same environment.
Taken together, these metrics show that Solana’s record activity cannot be explained solely by high transaction counts. However, through the intensive use of DeFi (decentralized finance) applications.
What will be the price of Solana?
This spike in usage has resulted in Did not move to SOL pricethe situation continues to be far from historic levels.
At the time of publication of this note, SOL is trading at approximately $103. It is down nearly 65% from its all-time high (ATH) of $294 reached on January 18, 2025.as reported by CriptoNoticias.
The contrast between record activity and falling prices is once again a topic of debate. Disconnect between usage metrics and market performance.
One of the factors behind this move is that markets typically prioritize variables such as liquidity, short-term expectations, and investor positioning over operational data. In addition to this, An increase in the number of transactions does not necessarily mean an immediate increase in demand for SOL in the market.
The cost structure of the network also plays a role. If a transaction pays a fee of around 0.000005 SOL, it would be around $0.000515 per transaction at current prices.
Such low fees do not automatically reflect increased trading volumes. In “earning” fees that instantly change the balance of supply and demand for SOL.
