The Solana price action looks surprisingly calm near $77, more so as SOL keeps a smallish (2%) uptick on the 30-day timeframe.

However, deeper analysis reveals several alarming signs, including collapsing trading volume, increased exchange inflows, and a bearish price pattern. Plus, an interesting on-chain demand development is also surfacing.

Is Solana’s On-Chain Demand Recovering?

The short answer is no. Solana DEX volume has collapsed roughly 80% from its April 2026 peak to about $63 billion in July, one of its weakest months in over a year. We have not taken August into consideration as the month is still developing.

While traders have been active, a weakening DEX footprint means they are using less money to manage trades. The result: Solana price keeps sliding, and the drop hints at wider market weakness.

DeFi tells the same story. Solana TVL, the value locked in the network’s apps, bounced off its July low but has already rolled over.

It has slipped to about $4.81 billion from an August 1 peak near $5.29 billion. The money is parked, not deployed. Weakening trading interest on the chain, alongside a dipping TVL, is rarely an optimistic sign and explains the hint of “red” underneath the supposedly calm price action.

If demand is this thin, the bigger worry is what existing holders are about to do.

Are Holders Getting Ready to Sell?

The on-chain signals say they might be. SOL has been drifting inside a falling channel since July 4, and the volume behind that slide keeps thinning. Fading spot volume means buyers are stepping back just as the structure weakens.

At the same time, exchange netflow flipped positive. After three days of outflows, it rose to about $3.11 million on August 12 and then to roughly $4.79 million on August 13 before the day had even closed. Coins usually move onto exchanges shortly before they are sold, so the jump suggests holders may be preparing to cut risk.

That is the worst mix for price. Selling pressure is rising while buying volume dries up, and a 150% unstaking surge has already added liquid supply that could hit the market. With demand missing, the chart shows exactly where the next move gets decided.

Can the Solana Price Still Turn Bullish?

It can, but only by clearing a wall of resistance. Inside that channel, SOL has held a tight zone between roughly $74 and $77, and bulls first need to reclaim $77.72.

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A move above $77.72 would strengthen the structure, and a push through $78.83 would break the channel’s upper trendline and flip the setup from bearish to neutral. Short of that, the trend stays down.

If selling wins, $74.57 is the first support level to watch. Losing it opens $71.04 and $69.47, a deeper drop of about 10%, and a close under $69.47 would confirm a bearish breakdown. For the longer view, the Solana price forecast still hinges on demand coming back.

For now, $77.72 separates a real recovery from a slide toward the $69 zone.

Analyst’s View: The major risk for the Solana price isn’t a violent crash. Instead, a slow bleed can be expected if the price doesn’t clear the overhead ceiling soon. Thin liquidity is the real danger here and bulls might need to wait for the DEX momentum to return. Plus, they should also keep an eye on the exchange flows. A flip to outflows (currently inflows) can give some support to the SOL price.

Source: BeInCrypto