Solana Builds Strong Case for Higher Valuations as ETFs and Network Metrics Surge

Investors are expecting Solana (SOL) to gain momentum in 2026, driven by rising on-chain activity, expanding DeFi participation, and increasing institutional exposure through exchange-traded funds.

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While SOL trades at $139, below its all-time high, recent data suggests that the network’s fundamentals are strengthening alongside a gradual price recovery. Together, these trends are shaping a clearer narrative around how Solana’s valuation could be supported beyond short-term market moves.

On-chain usage has picked up notably since the start of the year. Active addresses on Solana rose from around 3.38 million to 3.78 million in early January, indicating broader participation across transfers, trading, and application usage. This increase in activity has coincided with a steady rise in decentralized finance metrics.

The TVL across Solana-based protocols increased from approximately $8 billion to just over $9 billion, reflecting higher capital commitments to lending, liquidity provision, and yield-focused strategies.

These gains align with longer-term data from Solana’s 2025 network review, which showed that daily active wallets averaged 3.2 million and non-vote transactions reached a record 33 billion over the year.

Decentralized exchange activity also remained a key contributor. The annual DEX volume reached $1.5 trillion in 2025, up 57% year-over-year, with SOL-stablecoin trading volume exceeding $780 billion. Raydium led DEX platforms in terms of volume, while several others surpassed the $10 billion threshold.

Revenue generation across the Solana ecosystem continues to scale. Applications built on the network generated $2.39 billion in revenue in 2025, a 46% increase from the prior year.

Seven applications surpassed $100 million in annual revenue, while smaller projects collectively contributed more than $500 million. The network itself reported $1.4 billion in revenue, reflecting a sharp rise in economic activity tied to usage rather than speculation alone.

Beyond DeFi, Solana also saw growth in stablecoin transfers, tokenized equities, and Bitcoin-related activity. Stablecoin supply more than doubled to $14.8 billion, while transfers reached $11.7 trillion, pointing to increased settlement and payment use cases.

Institutional participation has become more visible through Solana-focused ETFs. Assets under management across these products recently crossed $1.02 billion, with Bitwise’s BSOL accounting for the majority share.

Data shows cumulative inflows of nearly $800 million and steady trading volumes, suggesting ongoing demand for regulated exposure. In the spot market, SOL has rebounded from the $120 area to trade near $140, supported by rising volume and improving technical indicators.

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While resistance levels remain, the combination of ETF inflows, higher network usage, and expanding revenue streams is reinforcing the case for higher valuations if broader market conditions remain supportive.

Cover image from ChatGPT, SOLUSD chart from Tradingview