Solana ETF Flow, DEX Activity, Fee Income Increase: SOL Discounted?
Solana's SOL ( SOL ) is down 72% from its all-time high of $295 and is below the $188 level seen when the ETFs launched in October 2025. Since early December 2025, the Spot SOL ETF's earnings have stagnated, and the price has rebounded sharply in four months.
At the same time, Solana's onchain volumes and revenue metrics continue to rank high against its competitors, raising questions about whether SOL's long-term price prospects are likely to return to their previous highs.
The resilience of the SOL ETF is consistent with the use of the network
Spot SOL ETFs launched in late October 2025, averaging more than $100 million in net income in the first five weeks. Starting in December 2025, weekly earnings have declined, averaging between $20 million and $25 million, due to the SOL price falling to $86 in February 2026.
During the four months of plan execution, the total cost was only $11.3 million in two weeks. Spot Bitcoin (BTC) and Ether (ETH) ETFs have recorded four consecutive months of negative inflows over the same period.
Solana's network activity tells a different story than his price. In the past 30 days, Solana has generated $108 billion in decentralized exchange (DEX) volume, ahead of Ethereum's $63.7 billion and Base's $31.48 billion. Volumes in January reached $117 billion, higher than in December and November for the chain. The weekly average from January 2025 hovers around $20 billion to $25 billion.
In the last 24 hours, Solana generated $3.1 million in app revenue compared to Ethereum's $2.95 million. Active addresses stood at 2.17 million with 682,236, while on-chain payouts reached $722,706 versus Ethereum's $356,438.
Solana's RWA sector also rose to $1.71 billion, up 45% in 30 days, but Ether accounts for $15 billion of the $25.37 billion in distributed asset value in that industry.
Related: ETH's next big move depends on what closes over $2.1K daily: data
SOL support cluster and evaluation interval
The crypto trading scientist cited two macro areas that could shape potential bottoms. The first 0.75 Fibonacci retracement zone is from $60 to $70, a level associated with deep consequences in big starts.
The second is the weekly demand fair value gap (FVG) between $22 and $29, which is the liquid imbalance area of $200 and $25 before the explosive rally.
Currently, the price is below the weekly resistance of $120, so the structure is fixed.
On the weekly chart, SOL has already tested the $51 to $80 demand zone, aligning with that retraction pocket, and may lead to a recovery from the current price.
UTXO Price Distribution (URPD) data adds context. More than 6% of the supply end has moved within the current price cluster, creating a dense cost base zone. The next significant focus, over 3% of supply, sits between $20 and $30.
From a valuation perspective, SOL is near a perceived supply cluster, while the ETF position is unwound and the DEX rotation is low Total Value Locked (TVL) but leads other chains.
Congestion of prices from continuous capital inflows and increasing network usage indicate a gap between activity and valuation.
If this gap resolves with SOL price action, it will depend on how the $51 to $80 level and the $120 resistance level interact with these conditions in the coming months.
Related: Solana leads crypto recovery with 10% gain: $100 SOL price next?
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and up-to-date information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from reliance on this information.
