Solana (SOL) is down about 20% in a month, and long-term holders keep moving coins onto exchanges to sell, yet on-chain volume, aka Solana network activity, has jumped about 39%.
Much of that surge comes from meme coin launchpads and perps.
Exchange Inflows Point to Steady Selling Pressure
The exchange net position change, a metric that tracks the net tokens moving in and out of exchanges, has climbed sharply this month. A rising reading means more coins are landing on exchanges than leaving.
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On June 11, it sat near 57,336 SOL. By June 25, it had reached about 1,410,650 SOL, roughly 25 times higher, an increase of about 2,400%.
