Solana’s ETF Inflows Hold Steady as On‑Chain Activity Outpaces Peers – Is SOL Undervalued?
By [Author Name] – February 27 2026
Solana (SOL) has seen a steep correction since its March 2024 all‑time high of $295, trading around $86 in February 2026 – a 72 % decline and well beneath the $188 price level that accompanied the launch of its spot exchange‑traded funds (ETFs) in October 2025. Despite the price slump, the blockchain’s on‑chain metrics continue to outshine many competitors, prompting analysts to question whether the token is being priced at a discount relative to its fundamental usage.
Spot ETF Flows Remain Positive While Bitcoin and Ether ETFs Turn Negative
The first five weeks after SOL spot ETFs debuted in late October 2025 attracted roughly $100 million in net inflows per week. Since early December, weekly inflows have tapered to a range of $20‑$25 million, coinciding with the recent price pullback. Cumulative outflows over the past two weeks amount to just $11.3 million, a modest figure compared with the persistent outflows recorded for Bitcoin (BTC) and Ethereum (ETH) ETFs during the same four‑month window.
On‑Chain Volume and Revenue Lead the Market
Solana’s decentralized exchange (DEX) activity has surged ahead of its rivals. Over the past 30 days the chain processed about $108 billion in DEX volume, outpacing Ethereum’s $63.7 billion and Base’s $31.5 billion. January’s monthly total topped $117 billion, and weekly averages since January 2025 have consistently hovered between $20 billion and $25 billion.
Revenue generation mirrors this traction. In the most recent 24‑hour snapshot, Solana’s applications earned roughly $3.1 million, edging out Ethereum’s $2.95 million. The network also recorded 2.17 million active addresses, more than three times Ethereum’s 682 k. Corresponding fee collections stood at $722 k versus Ethereum’s $356 k.
The real‑world assets (RWA) segment on Solana has reached a new peak of $1.71 billion, up 45 % over the last month, though it still lags behind Ethereum’s $15 billion share of the $25.4 billion total RWA market.
Technical Outlook – Support Zones and Liquidity Gaps
Chart analysts have identified two key price zones that could shape SOL’s short‑term trajectory:
- Fibonacci‑derived support between $60 and $70 (the 0.75 retracement level), a classic area where deeper pullbacks often stabilize.
- A weekly demand fair‑value gap spanning $22‑$29, representing prior liquidity imbalances that preceded the token’s rally from $25 to $200 earlier this year.
Currently, SOL sits below the weekly resistance level of $120. It has recently tested a broader demand corridor from $51 to $80, aligning with the aforementioned Fibonacci zone, suggesting potential for a modest recovery if buying pressure re‑emerges.
Glassnode’s UTXO realized price distribution adds further nuance. Approximately 6 % of SOL’s circulating supply has a cost basis within the present price cluster, creating a dense supply “anchor.” A secondary concentration, covering just over 3 % of the supply, lies in the $20‑$30 range.
Valuation Gap – Activity Outpaces Price
Even as SOL’s market price compresses, capital inflows via ETFs have largely persisted, and on‑chain activity—particularly DEX turnover—remains robust despite Solana’s comparatively modest total value locked (TVL). This divergence points to a measurable gap between the network’s utility and its current valuation.
Whether this gap narrows through price appreciation will depend on how the $51‑$80 demand zone and the $120 resistance level interact with ongoing ETF inflows and on‑chain dynamics in the coming months.
Key Takeaways
| Aspect | Current Situation | Implication |
|---|---|---|
| ETF Inflows | Weekly net inflows of $20‑$25 M (down from $100 M peak) | Continued investor interest despite price dip |
| DEX Volume | $108 B (30‑day) → $117 B (Jan) | Solana outperforms Ethereum and Base on trade volume |
| Revenue & Fees | $3.1 M revenue, $722 k fees (24 h) | Higher monetization efficiency than Ethereum |
| Active Addresses | 2.17 M vs 682 k (ETH) | Strong user engagement |
| Technical Support | $60‑$70 (Fibonacci) & $22‑$29 (fair‑value gap) | Potential price floor zones |
| Realized Supply Distribution | 6 % of supply at current price cluster | Dense cost‑basis may cushion further declines |
| Valuation Gap | High on‑chain activity vs low market price | SOL could be undervalued if activity sustains |
Conclusion: While SOL’s price remains well below its historical highs, the combination of steady ETF inflows, leading DEX volumes, and rising fee revenue suggests the token is delivering strong network utility. Investors and traders will be watching the identified support zones and liquidity gaps closely, as any bounce in price could close the emerging valuation gap between Solana’s on‑chain performance and its market price.
This article is for informational purposes only and does not constitute investment advice.
Source: https://cointelegraph.com/news/3-solana-data-points-highlight-resilience-but-is-sol-undervalued?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
