Solana Starts Token Fever Up and Down, Network Activity Soars

Solana’s market dynamics are experiencing heat fever in line with the explosion of speculation surrounding Claude Code-based AI tokens. Despite showing significant volatility, with prices going up and down in a certain range, the Solana network actually recorded a tremendous spike in onchain activity. Recent data shows SOL is trading around $116.14 with a decline of 7.90% in the last 24 hours, reflecting the selling pressure that occurred after the previous rally.

SOL Price Faces a Critical Point at Key Levels

After a strong breakout with a trading volume of 2.34 million SOL, the $130 price level became a pivot point that was very important for Solana traders. If the buying momentum can be maintained above this level, SOL has the potential to test higher resistance and create a new record high. However, the bearish scenario also remains threatening with the possibility of a retest of support in the $126–$124 range in the event of a trend reversal. These ups and downs reflect market uncertainty between the new bullish driven by the AI token fever and the selling pressure from profit-taking.

The daily trading volume of $100.23 million indicates fairly strong liquidity, although it has not yet reached the expected peak level for a sustained breakout. The CoinDesk 20 Index (CD20) is up just 0.15% in the same period, signaling that Solana’s rally is outperforming the broader crypto market overall.

Claude Code’s Wave of Speculation Drives Surge in Onchain Activity

The token fever phenomenon became the main catalyst for the spectacular increase in Solana network activity. Active addresses jumped from 14.7 million to 18.9 million in a short period of time, while weekly transaction volume rose from 390 million to 530 million. This surge was fueled by a wave of developers introducing tokens related to viral AI repositories using Tensor, a popular launchpad based on the Solana blockchain.

While many of these tokens are still highly risky speculative, some have been “claimed” by native AI project teams like Anthropic. This mechanism allows trading costs to be passed on to developers, creating a positive feedback cycle that encourages more innovation and user participation. This strategy differs from previous token fevers, as it involves a team of leading projects that give legitimacy to the ecosystem.

Correction Risks and Support Levels to Consider

Despite the onchain activity in fever, the total value locked (TVL) on Solana actually dropped to around $8.4 billion. This discrepancy suggests that the surge in activity is driven more by traders’ speculation than by the continued growth of DeFi protocols’ fundamentals. Traders should be wary of more extreme bull and down scenarios if bull momentum ends.

The support level at $127 has provided the foundation for a short-term recovery, but its resilience depends on whether the AI token fever can be sustained. If speculation breaks down, a further decline towards $126–$124 becomes a highly likely scenario. The accumulation of high active addresses as well as low TVL creates an imbalance that needs to be monitored closely.

For now, momentum is still in the hands of buyers with the $130 level as a critical benchmark. But the resulting volatility reminds investors that the market is in a phase of thin speculative fever, where price fluctuations can occur quickly without warning. Portfolio diversification and strict risk management remain the best strategies in this dynamic market environment.