Solana’s SOL (SOL) is down 72% from its all-time high of $295 and well listed below the $188 level seen throughout its area exchange-traded funds (ETFs) launch in October 2025. Considering that early December 2025, area SOL ETF inflows have actually slowed while the rate backtracked greatly over 4 months.
At the exact same time, Solana’s onchain volumes and profits metrics continue to rank greater versus rivals, raising concerns on whether SOL’s longer-term rate potential customers tilt towards a go back to its all-time high.
SOL ETF strength lines up with network usage
Area SOL ETFs released in late October 2025, drawing over $100 million in typical net inflows throughout their very first 5 weeks. Considering that December 2025, the weekly inflows have actually reduced, balancing $20 million to $25 million as SOL rate moved to $86 in February 2026.
Throughout the four-month drawdown, the cumulative outflows amount to simply $11.3 million over 2 weeks. Area Bitcoin (BTC) and Ether (ETH) ETFs, by contrast, have actually logged 4 successive months of unfavorable circulations in the exact same duration.
Solana’s network activity informs a various story than its rate. Over the previous thirty days, Solana processed $108 billion in decentralized exchange (DEX) volume, ahead of Ethereum’s $63.7 billion and Base’s $31.48 billion. Volumes in January reached $117 billion, surpassing those in December and November for the chain too. The weekly averages considering that January 2025 have actually hovered near $20 billion to $25 billion.
In the last 24 hr, Solana produced $3.1 million in app profits versus Ethereum’s $2.95 million. Active addresses stood at 2.17 million versus 682,236, while chain costs reached $722,706 compared to Ethereum’s $356,438.
Solana’s RWA sector has actually likewise reached an all-time high of $1.71 billion, up 45% in thirty days, however Ether holds $15 billion of the $25.37 billion dispersed property worth because market.
Related: ETH’s next huge relocation depends upon everyday close above $2.1 K: Information
SOL assistance cluster and evaluation space
Crypto trader Scient kept in mind 2 macro locations that might form a prospective bottom. The very first is the 0.75 Fibonacci retracement zone of $60 to $70, a level related to much deeper pullbacks within bigger uptrends.
The 2nd is a weekly need reasonable worth space (FVG) in between $22 and $29, a location of previous liquidity imbalance that preceded the explosive rally to $200 from $25.
In the meantime, the structure stays capped as the rate holds listed below the weekly resistance of $120.
On the weekly chart, SOL has actually currently evaluated the need zone of $51 to $80, lining up with that retracement pocket, and might head for a healing from its present rate.
UTXO Understood Cost Circulation (URPD) information includes context. Over 6% of the supply last moved within the present rate cluster, developing a thick expense basis zone. The next considerable concentration, above 3% of supply, sits in between $20 and $30.
From an evaluation perspective, SOL is near an understood supply cluster, while the ETF positioning has not unwound, and DEX turnover leads other chains in spite of its lower overall worth locked (TVL).
The rate compression along with constant capital inflows and increasing network usage exposes a quantifiable space in between activity and evaluation.
Whether that space fixes through SOL’s rate action depends upon how the $51 to $80 level and the $120 resistance level communicate with these aspects over the coming months.
Related: Solana leads crypto healing with 10% gain: Is $100 SOL rate next?
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