Solana has just closed its 7th consecutive month in the red. The downward streak started in October 2025 and has not stopped since. The token is now trading around $85, far from its all-time high of $294 reached in January 2025. Yet the ecosystem’s on-chain metrics remain among the strongest in the market.
To summarize
• 7 consecutive red monthly candles for SOL since October 2025.
• The ecosystem still posts records with 41% of total DEX volume.
• The Solana Foundation is working on quantum resistance.
Seven months of red, no interruption
The streak has become hard to ignore.
Solana closes April 2026 in the red, extending a 7th consecutive monthly decline since October 2025. A performance that defies historical trends and accelerated sharply at the start of the year.
January 2026 closed at -15.3%. February followed with a 20% drop. March managed a more limited decline of 0.88%, before April came to extend the streak once more.
SOL is now trading around $85, far from its all-time high of $294.33 reached in January 2025. In just over a year, the token has shed more than 70% of its peak value.
DeFiCarrot, a Solana-based protocol, also shut down operations this month, after an exploit linked to Drift made it impossible to continue. A reminder that April’s DeFi damage extended into the Solana ecosystem well beyond the token’s price alone.
Fundamentals that hold up
The Solana paradox is right there in the data.
While the token’s price strings together month after month in the red, the ecosystem’s on-chain metrics remain among the strongest in the market. In Q1 2026, Solana’s on-chain volume reached $1 trillion across 25.3 billion transactions.
Over the same period, Solana processed 41% of total decentralized exchange volume, dominating all other blockchains in dApp revenues for five consecutive weeks.
On the institutional side, Solana ETFs recorded $35.17 million in net positive inflows across five consecutive sessions around April 21. This renewed institutional interest contrasts sharply with the token’s bearish price action, and suggests that some players see current levels as an entry opportunity.
The Crypto Core3 ETF has also just launched on Solana, and tokenized assets on the network have reached a new capitalization record. OCBC additionally launched a $526 million tokenized gold fund on the network.
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The Foundation prepares for the future
Despite the price pressure, the Solana Foundation continues to work on structural initiatives.
It is currently developing a new type of digital signature to anticipate the quantum threat, a risk that remains distant but that several major blockchains are beginning to take seriously. The initiative is part of a long-term effort to secure the network against attack vectors that do not yet exist at scale but could emerge in the years ahead.
On the regulatory front, the US landscape is also shifting. Senator Tim Scott, chairman of the Senate Banking Committee, stated that the CLARITY Act could reach the president’s desk by summer. The bill addresses the question of passive yields on stablecoins, a point that could paradoxically benefit Ethereum more than Solana according to early analyses.
The US stock market, meanwhile, is moving in the opposite direction. More than $6 trillion was added to the S&P 500 this month. That liquidity could, in time, spill over into the crypto sector. But for now, Solana remains in a holding pattern, waiting for a reversal signal that has yet to materialize.
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