- Record activity, quiet exits – Solana hit an all-time high in true TPS (1,318) and its highest SOL-denominated TVL in 3+ years, but whales like Galaxy Digital unstaked and moved tens of millions in SOL to Binance.
- Price lag & competition – Despite strong on-chain data, SOL is down ~30% YTD as Hyperliquid DEX captures trading momentum and roadmap delays (like Firedancer) dent investor confidence.
- Mixed whale behavior – Some big holders are selling, but others are buying the dip, with $12M restaked into Kamino Finance, signaling selective long-term conviction.
Solana’s been posting some of its strongest numbers in months. On-chain usage is hitting records, DeFi is showing real stickiness, and TPS is through the roof. And yet—while the network flexes its growth—some of its biggest holders are quietly packing their bags.
Is this a healthy shift in positions? Or smart money heading for the exit before the party’s over?
Record-Breaking Usage Meets Silent Selling
According to SolanaFloor, July was a monster month. The network clocked an all-time high in monthly non-voted transactions and pushed its true TPS to 1,318—the fastest rate ever recorded for Solana.
Over in DeFi land, DefiLlama data shows SOL’s total value locked, in SOL terms, is now at its highest level in more than three years. More users are sticking around, more protocols are building, and the chain’s liquidity pool looks healthier than it has in a long while.
But behind the bullish headlines, whales are moving differently. Big wallets have been unstaking massive amounts of SOL and moving them straight to Binance. One of the bigger moves came from Galaxy Digital, which pulled out 250,000 SOL—about $40.7M—and sent it to the exchange.
Another whale, tracked by Onchain Lens, unstaked $4.9M in SOL after months of sitting still. Over the past few months, the same address has funneled more than $30M in SOL to Binance… and still holds around $179M staked.
Hyperliquid Grabs the Spotlight as Solana Price Lags
While Solana’s activity numbers look great, its price tells a different story. Year-to-date, SOL is down almost 30%, while Bitcoin’s up 26%, Ethereum’s up 15%, and XRP has jumped 48%.
One big reason? Hyperliquid DEX. The perpetuals-focused exchange has pulled in a wave of power users thanks to its simple, high-performance product. According to VanEck’s Matthew Sigel, Hyperliquid has “captured much of Solana’s momentum,” stealing the thunder Solana once owned in on-chain trading.
And then there’s the Firedancer situation. This high-performance validator client was supposed to boost speed and reliability—but delays, developer turnover, and public disputes have chipped away at confidence. For large holders, uncertainty over the roadmap can be a bigger deal than raw TPS numbers.
Not All Whales Are Heading Out
It’s not entirely a sell-off story. Analyst Ted spotted a $12M SOL buy on Binance that was restaked into Kamino Finance, suggesting some big players are actually buying the dip.
Solana still has unmatched speed, a maturing ecosystem, and plenty of room to innovate beyond meme coins. But for big institutions, stability and trust are just as important as performance—and that’s the narrative Solana still needs to cement.
As of now, SOL trades at $164.31, down a little over 2% in the past 24 hours. The on-chain story is bright, but if Solana wants the big wallets to stay for the long haul, it might need more than just fast transactions—it needs to prove it can keep the engine running smoothly for years to come.
