Solana’s SOL (SOL) is down 72% from its all-time high of $295 and well below the $188 high seen during the launch of spot ETFs in October 2025. Spot flows into SOL ETFs have declined since early December 2025, while the price has fallen sharply over the four-month period.
At the same time, Solana’s onchain volumes and revenue metrics continue to rank higher than its competitors, raising questions about whether SOL’s long-term price outlook is headed toward a return to all-time highs.
The resilience of the SOL ETF is tailored to network usage
SOL Spot ETFs launched in tardy October 2025 and attracted average net inflows of over $100 million in the first five weeks. From December 2025 weekly receipts decreased to an average of $20-25 million as the SOL price dropped to $86 in February 2026.
Over four months, total two-week outflows were just $11.3 million. By comparison, Spot Bitcoin (BTC) and Ether (ETH) ETFs have recorded four consecutive months of negative flows over the same period.
Solana’s online business tells a different story than its price. In the last 30 days Solana processed Decentralized exchange (DEX) volume was $108 billion, ahead of $63.7 billion for Ethereum and $31.48 billion for Base. January volumes reached $117 billion, also surpassing December and November for the network. Weekly averages since January 2025 have been around $20-25 billion.
Over the last 24 hours, Solana generated $3.1 million in app revenue compared to Ethereum’s $2.95 million. The number of energetic addresses was 2.17 million compared to 682,236, while on-chain fees reached $722,706 compared to $356,438 for Ethereum.
Salty RWA sector also hit an all-time high of $1.71 billion, up 45% in 30 days, but Ether holds $15 billion of the $25.37 billion in distributed assets in the industry.
Related: ETH’s Next Large Move Depends on Daily Close Above 2.1K dollars: data
SOL Support Cluster and the Valuation Gap
They know how to trade cryptocurrencies excellent two macro-areas that can shape a potential bottom. The first is the Fibonacci retracement zone at 0.75, located between $60 and $70, a level associated with deeper pullbacks within larger uptrends.
The second is the weekly fair value of demand (FVG) gap between $22 and $29, the area of earlier liquidity imbalance that preceded the keen rise to $200 from $25.
For now, the structure remains subdued as the price remains below weekly resistance at $120.
On the weekly chart, SOL has already tested the $51 to $80 demand zone, matching this retracement pocket, and may head towards a rebound from the current price.
Realized UTXO Price Distribution (URPD) data adds context. Over 6% of supply has recently moved within the current price cluster, creating a dense cost base zone. The next significant concentration, above 3% of supply, is in the $20 to $30 range.
From a valuation perspective, SOL is near the realized delivery cluster, while ETF positioning is unchanged and DEX volumes lead other chains despite a lower total value locked (TVL).
Price compression combined with steady capital inflows and growing network usage reveals a measurable difference between operations and valuations.
Whether this gap is resolved by SOL price action depends on how the $51 to $80 resistance level and the $120 resistance level interact with these factors in the coming months.
Related: Solana Crypto Recovery With 10% Yield: Will $100 SOL Be Next?
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