The digital asset’s price has faced significant weekly declines, testing crucial support levels. However, fundamental metrics and institutional activity are painting a decidedly more bullish picture, diverging from the broader weakness seen in assets like Bitcoin and Ethereum. Underpinning the positive sentiment are robust on-chain metrics. Solana now leads the market with a 24-hour trading volume of approximately $4.4 billion, a figure that places it well ahead of competitors.
This surge in activity coincides with the full integration of Solana into the Coinbase app, enabling users to trade directly via the DEX aggregator Jupiter. A key indicator of growing adoption, the number of active addresses on the network has jumped 56% week-over-week to reach 27.1 million. The divergence between price action and institutional interest is particularly evident in the exchange-traded fund (ETF) space. For the week ending January 24, Solana-focused ETFs attracted net inflows exceeding $11 million.
This performance stands in direct opposition to the broader digital asset ETF market, where Bitcoin and Ethereum products collectively experienced outflows of about $103 million during the same period. The Fidelity Solana Fund (FSOL) was a notable standout, drawing nearly $10 million in a single day. Consequently, the total assets under management (AUM) for Solana ETFs have now climbed to over $1.08 billion, signaling sustained institutional accumulation despite the asset’s recent price correction of nearly 10% on a weekly basis. A significant development for Solana’s long-term trajectory is a new strategic partnership with enterprise blockchain firm R3.
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