3 Solana data points highlight resilience, but is SOL undervalued?

Solana’s SOL (SOL) is down 72% from its all-time precocious of $295 and good beneath the $188 level seen during its spot exchange-traded funds (ETFs) motorboat successful October 2025. Since aboriginal December 2025, spot SOL ETF inflows person slowed portion the terms retraced sharply implicit 4 months. 

At the aforesaid time, Solana’s onchain volumes and gross metrics proceed to fertile higher against competitors, raising questions connected whether SOL’s longer-term terms prospects tilt toward a instrumentality to its all-time high.

SOL ETF resilience aligns with web use

Spot SOL ETFs launched successful precocious October 2025, drafting implicit $100 cardinal successful mean nett inflows during their archetypal 5 weeks. Since December 2025, the weekly inflows person decreased, averaging $20 cardinal to $25 cardinal arsenic SOL terms slid to $86 successful February 2026.

Spot SOL ETFs nett inflows. Source: SoSoValue

Across the four-month drawdown, the cumulative outflows full conscionable $11.3 cardinal implicit 2 weeks. Spot Bitcoin (BTC) and Ether (ETH) ETFs, by comparison, person logged 4 consecutive months of antagonistic flows successful the aforesaid period.

Solana’s web enactment tells a antithetic communicative than its price. Over the past 30 days, Solana processed $108 cardinal successful decentralized speech (DEX) volume, up of Ethereum’s $63.7 cardinal and Base’s $31.48 billion. Volumes successful January reached $117 billion, exceeding those successful December and November for the concatenation arsenic well. The play averages since January 2025 person hovered adjacent $20 cardinal to $25 billion.

Solana DEX volumes. Source: DeFiLlama

In the past 24 hours, Solana generated $3.1 cardinal successful app gross versus Ethereum’s $2.95 million. Active addresses stood astatine 2.17 cardinal against 682,236, portion concatenation fees reached $722,706 compared to Ethereum’s $356,438.

Solana’s RWA sector has besides climbed to a caller all-time precocious of $1.71 billion, up 45% successful 30 days, but Ether holds $15 cardinal of the $25.37 cardinal distributed plus worth successful that industry. 

Related: ETH’s adjacent large determination depends connected regular adjacent supra $2.1K: Data

SOL enactment clump and valuation gap

Crypto trader Scient noted 2 macro areas that whitethorn signifier a imaginable bottom. The archetypal is the 0.75 Fibonacci retracement portion betwixt $60 and $70, a level associated with deeper pullbacks wrong larger uptrends.

SOL play investigation by Crypto Scient. Source: X

The 2nd is simply a play request just worth spread (FVG) betwixt $22 and $29, an country of anterior liquidity imbalance that preceded the explosive rally to $200 from $25.

For now, the operation remains capped arsenic the terms holds beneath the play absorption of $120.

On the play chart, SOL has already tested the request portion betwixt $51 and $80, aligning with that retracement pocket, and whitethorn caput for a betterment from its existent price.

UTXO Realized Price Distribution (URPD) data adds context. Over 6% of the proviso past moved wrong the existent terms cluster, creating a dense outgo ground zone. The adjacent important concentration, supra 3% of supply, sits betwixt $20 and $30.

SOL UTXO realized terms distribution. Source: Glassnode

From a valuation standpoint, SOL is adjacent a realized proviso cluster, portion the ETF positioning has not unwound, and DEX turnover leads different chains contempt its little full locked worth (TVL). 

The terms compression alongside accordant superior inflows and rising web usage reveals a measurable spread betwixt enactment and valuation.

Whether that spread resolves done SOL’s terms enactment depends connected however the $51 to $80 level and the $120 absorption level interact with these factors implicit the coming months.

Related: Solana leads crypto betterment with 10% gain: Is $100 SOL terms next?