Solana finished 2025 as the top revenue-generating blockchain, but its token price hasn’t joined the rally. On-chain data shows Solana (SOL) pulled in roughly $1.3 billion in revenue for the year, making it the largest revenue producer among chains. Hyperliquid (HYPE) came second with about $816 million, and TRON (TRX) took third at roughly $608 million. Notably, on-chain activity on Solana remained consistently high throughout the year — a strong fundamentals signal that’s at odds with SOL’s price action. Price picture: stalled recovery after the crash SOL’s outlook was largely positive through most of the year until the October 10 (10/10) crash, which wiped out bullish momentum and pushed the token below the $200 level. Since then the market has been dominated by sellers, even as the blockchain itself kept performing well. That dynamic produced a leverage-driven tug-of-war around the $120 support area. At the time of writing, the $130 zone is acting as a firm resistance while $120 has emerged as immediate support (SOL/USDT, TradingView). The daily price structure remains bearish: for a clear trend flip, SOL needs a daily close above the local swing high at $127.87. Current evidence does not indicate that such a bullish close is imminent. Technical flows and momentum Capital flow indicators reinforce the bearish backdrop. The Chaikin Money Flow (CMF) has sat well below -0.05 for the past two months, signaling sustained outflows from the market. Selling pressure drove a strong downtrend that has only lost momentum over the last ten days, rather than reversed it. The Directional Movement Index (DMI) currently points to a lack of a defined trend; a decisive breakout above ~$130 could change that picture. What traders can watch - Short term: SOL has carved out a range between about $117 and $128. Lower-timeframe traders can trade the range while it holds. - Swing traders: waiting for a confirmed breakout above the range (for a bullish impulse) or a break below it (for continuation of bearish pressure) is the cleaner approach. Bottom line: Solana’s on-chain fundamentals remain strong—top revenue and steady usage—but the token’s price is stuck in a tentative, range-bound phase. The downtrend has lost steam, yet an uptrend is not confirmed; traders should stay patient and look for a clear breakout to define the next major move. Disclaimer: This article is informational and not investment advice. Trading cryptocurrencies carries high risk; do your own research before making decisions. Read more AI-generated news on: undefined/news