Solana Confirms $84 Bottom? Santiment Says Ecosystem Active Despite 67% Plunge

▲ Solana (SOL)

Solana (SOL) is demonstrating strong resilience in terms of new wallet creation and development activity despite the dual challenges of a sharp price decline and network instability, transforming market concerns into renewed expectations.

Blockchain analytics firm Santiment reported on February 21 that “Solana’s social mentions and overall market interest have dropped significantly from their peak levels at the end of 2025. However, on-chain indicators continue to send positive signals.” Although Solana is currently trading around $84, down approximately 67% from its all-time high in September 2025, the number of newly created wallets has been increasing in February. This suggests that despite falling prices and network outage news, actual user inflows into the ecosystem have not stopped.

Investor fear, uncertainty, and doubt have reached extreme levels in the Solana market, with futures funding rates remaining deeply negative. Santiment noted that the current environment, in which many traders are betting on further downside, could instead trigger a short squeeze—buying pressure caused by the liquidation or covering of short positions—leading to a short-term price rebound. The contrarian view that prices often spike when public pessimism peaks is gaining traction.

On the network operations side, technical friction occurred in February when traffic from the United States was rerouted to Europe and Asia due to outages. However, swift action by the Solana Foundation prevented the worst-case scenario. Tim Garcia of the Solana Foundation urged operators to implement prompt updates, focusing on securing network stability. Experts stated that how smoothly Solana’s decentralized validator set responds under pressure will be key to maintaining uptime and safeguarding funds going forward.

While technical indicators remain mixed, Solana has shown short-term recovery momentum, rising about 3% over the past 24 hours. According to CoinGecko data, Solana has posted gains of approximately 6% over the past seven days, attempting to break out from its bottom range. Santiment emphasized that although the exuberance seen during the NFT boom and meme coin launches has faded, developer activity and real-world use cases remain solid.

The Solana market presents a complex picture in which internal ecosystem fundamentals are strengthening despite external pressures such as price declines and waning social media interest. The heavy concentration of short positions and the steady inflow of new wallets suggest the possibility that the market has entered an excessively undervalued zone. Investors are closely watching whether Solana can overcome technical shortcomings and translate its development progress into price performance.

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