Solana’s SOL (SOL) is down 72% from its all-time excessive of $295 and effectively under the $188 stage seen throughout its spot exchange-traded funds (ETFs) launch in October 2025. Since early December 2025, spot SOL ETF inflows have slowed whereas the worth retraced sharply over 4 months.
On the identical time, Solana’s onchain volumes and income metrics proceed to rank greater towards rivals, elevating questions on whether or not SOL’s longer-term worth prospects tilt towards a return to its all-time excessive.
SOL ETF resilience aligns with community use
Spot SOL ETFs launched in late October 2025, drawing over $100 million in common web inflows throughout their first 5 weeks. Since December 2025, the weekly inflows have decreased, averaging $20 million to $25 million as SOL worth slid to $86 in February 2026.
Throughout the four-month drawdown, the cumulative outflows whole simply $11.3 million over two weeks. Spot Bitcoin (BTC) and Ether (ETH) ETFs, by comparability, have logged 4 consecutive months of damaging flows in the identical interval.
Solana’s community exercise tells a distinct story than its worth. Over the previous 30 days, Solana processed $108 billion in decentralized trade (DEX) quantity, forward of Ethereum’s $63.7 billion and Base’s $31.48 billion. Volumes in January reached $117 billion, exceeding these in December and November for the chain as effectively. The weekly averages since January 2025 have hovered close to $20 billion to $25 billion.
Within the final 24 hours, Solana generated $3.1 million in app income versus Ethereum’s $2.95 million. Lively addresses stood at 2.17 million towards 682,236, whereas chain charges reached $722,706 in comparison with Ethereum’s $356,438.
Solana’s RWA sector has additionally climbed to a brand new all-time excessive of $1.71 billion, up 45% in 30 days, however Ether holds $15 billion of the $25.37 billion distributed asset worth in that business.
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SOL help cluster and valuation hole
Crypto dealer Scient famous two macro areas which will form a possible backside. The primary is the 0.75 Fibonacci retracement zone between $60 and $70, a stage related to deeper pullbacks inside bigger uptrends.
The second is a weekly demand honest worth hole (FVG) between $22 and $29, an space of prior liquidity imbalance that preceded the explosive rally to $200 from $25.
For now, the construction stays capped as the worth holds under the weekly resistance of $120.
On the weekly chart, SOL has already examined the demand zone between $51 and $80, aligning with that retracement pocket, and will head for a restoration from its present worth.
UTXO Realized Worth Distribution (URPD) information provides context. Over 6% of the provision final moved inside the present worth cluster, making a dense value foundation zone. The subsequent vital focus, above 3% of provide, sits between $20 and $30.
From a valuation standpoint, SOL is close to a realized provide cluster, whereas the ETF positioning has not unwound, and DEX turnover leads different chains regardless of its decrease whole locked worth (TVL).
The worth compression alongside constant capital inflows and rising community use reveals a measurable hole between exercise and valuation.
Whether or not that hole resolves via SOL’s worth motion depends upon how the $51 to $80 stage and the $120 resistance stage work together with these components over the approaching months.
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