Solana shows strong on-chain activity and ETF inflows — is SOL undervalued?
Solana (SOL) remains about 72% below its all-time high but shows persistent on-chain activity and modest spot-ETF inflows that suggest resilience versus price weakness. Earlier reports noted small, steady ETF inflows (weekly inflows fell from >$100m at launch to ~$20–25m since Dec 2025) and minimal cumulative outflows (~$11.3m over two weeks) during a recent drawdown. Updated on-chain data expands that picture: Solana processed roughly $108bn in DEX volume over the past 30 days (vs. Ethereum’s ~$63.7bn), with January volumes hitting $117bn. In the last 24 hours Solana generated ~$3.1m in app revenue (vs. ETH $2.95m), recorded 2.17m active addresses (vs. ETH 682k) and posted ~$722k in chain fees (vs. ETH $356k). Real-world asset (RWA) exposure on Solana reached $1.71bn, up 45% in 30 days. Technicals show key support zones between $51–$80 (including a 0.75 Fibonacci around $60–$70) and resistance near $120; a dense realized cost-basis exists in the current price band with the next concentration at $20–$30. Traders should monitor ETF flows, DEX volume trends and daily closes around the $51–$80 support band and $120 resistance. The news points to a valuation gap: strong network activity and steady ETF positioning contrast with bearish price structure. Short-term trading risk remains elevated; longer-term upside depends on whether on-chain demand converts into sustained buy-side pressure. This is not investment advice.
Neutral
The combined reports create a mixed signal for SOL’s price. Bullish elements: elevated DEX volume, higher app revenue, far more active addresses, growing RWA exposure and continued (if smaller) spot-ETF inflows all point to persistent demand and network utility that can support a re-rating over time. Bearish elements: SOL is substantially down from its ATH, realized-cost clusters in the current price band suggest sellers and weak hands could defend downside, and technical structure still shows clear resistance (~$120) with immediate support in the $51–$80 band. For short-term trading, the setup is risky — price could remain rangebound or see further downside if ETF flows and on-chain activity fail to convert into buy-side liquidity. For longer-term investors, sustained on-chain metrics and steady ETF positioning provide an argument for undervaluation, but this depends on macro risk appetite and broader market liquidity. Given these offsetting forces, the net near-term impact is neutral: indicators support potential upside but do not yet confirm a definitive bullish breakout.