Solana just printed a rare crossover between a key network metric and SOL price, something that hasn’t happened since the early days of its first bull run in 2020. But this time, the price is lagging behind, even as the network shows renewed strength. 

Could this be the signal that lights the next leg up?

Transaction Count Hits 5-Year High, But SOL Price Isn’t Following Yet

Solana’s number of transactions has surged past 70 million. Yet, that is not the best part.

According to the chart, the last time the transaction count line crossed above the price line, a multi-year SOL price rally occurred. This time, in July 2025, the price remains sluggish, around $151, and a similar crossover has happened.

Netflows Tilt Bearish, Despite Exchange Exits

Data from Coinglass shows Solana has seen steady outflows through early July. That usually points to accumulation. But the outflows have slowed down in recent days, and there’s no spike in inflows either.

In short, no one’s dumping SOL, but no one’s rushing to buy either.

This balance may explain why the SOL price hasn’t broken out yet. Traders seem to be waiting for a stronger signal before taking a side.

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Author: Ananda Banerjee