Solana’s SOL (SOL) has fallen about 72% from its all-time peak of $295 and trades well below the roughly $188 level reached when its spot ETFs launched in October 2025. Spot SOL ETFs entered the market in late October 2025, drawing more than $100 million in average net inflows during their first five weeks. Since December 2025, ETF inflows have slowed, with weekly inflows averaging $20 million to $25 million as SOL’s price declined to around $86 in February 2026.
Solana’s on-chain activity tells a different story from its price action. Over the past 30 days, the network processed about $108 billion in decentralized-exchange volume, ahead of Ethereum’s $63.7 billion and Base’s $31.48 billion. In the last 24 hours, SOL generated roughly $3.1 million in app revenue, compared with Ethereum’s $2.95 million, and active addresses reached 2.17 million versus 682,236 for Ethereum. SOL’s real-world asset (RWA) sector climbed to a record $1.71 billion, up 45% in 30 days, while Ether accounts for about $15 billion of the $25.37 billion distributed asset value in that space.
From a valuation standpoint, SOL sits near a realized-supply cluster, with ETF positioning yet to unwind and DEX turnover leading other chains despite a lower total value locked. Traders point to potential support zones around the 0.75 Fibonacci retracement near $60–$70, and a weekly demand fair value gap between $22 and $29—areas of prior liquidity imbalance that preceded past rallies. For now, price action remains capped under weekly resistance near $120, leaving the path to a recovery dependent on how the $51–$80 demand zone interacts with these factors in the coming months.
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