Solana's native token SOL has declined 72% from its all-time high. Despite price drops, spot SOL ETF inflows remain resilient, outperforming BTC and ETH ET
Market Performance and ETF Dynamics
Solana’s native token, SOL (SOL), has experienced a significant decline from its all-time high of $295 to the current market value, which is approximately 72% lower. Since its spot exchange-traded funds (ETFs) launched in October 2025, SOL has been trading below both its initial offering price and historical highs, with a notable drop observed since December 2025.
ETF Inflows and Market Sentiment
Spot SOL ETF inflows have slowed significantly. During the first five weeks post-launch, these ETFs attracted an average of over $100 million in net inflows. However, as of early February 2026, weekly inflows averaged around $20 million to $25 million, reflecting a downturn due to declining SOL prices. Notably, during the four-month period, total outflows amounted to just $11.3 million over two weeks, highlighting a resilience not seen in comparable spot Bitcoin (BTC) and Ether (ETH) ETFs.
Network Activity Metrics
Despite the price decline, Solana’s network usage remains robust. Over the past 30 days, Solana processed approximately $108 billion in decentralized exchange (DEX) volume, surpassing Ethereum’s $63.7 billion and Base’s $31.48 billion. Weekly DEX volumes since January 2025 have averaged near $20 billion to $25 billion, indicating ongoing network activity.
### Revenue and Active Addresses
In the last 24 hours, Solana generated $3.1 million in application revenue compared to Ethereum’s $2.95 million. Additionally, active addresses on the network stood at 2.17 million against Ethereum's 682,236. Chain fees reached $722,706 for Solana versus Ethereum’s $356,438.
Realized Price Distribution and Valuation
The UTXO Realized Price Distribution (URPD) data reveals that over 6% of the supply last moved within the current price cluster. The next significant concentration, above 3% of the supply, lies between $20 and $30. This distribution supports a cost basis zone around these prices.
### Support Levels and Potential Bottom
Crypto analyst Scient identified two key areas that may define a potential bottom for SOL:
1. **Fibonacci Retracement Zone**: The 0.75 Fibonacci retracement level ranges between $60 to $70, often associated with deeper pullbacks within larger uptrends.
2. **Demand Fair Value Gap (FVG)**: A weekly FVG gap exists between $22 and $29, an area of previous liquidity imbalance that preceded a significant rally.
Currently, the price remains capped below the weekly resistance level of $120. The structure is still being tested as SOL has already approached the demand zone of $51 to $80, aligning with the retracement pocket identified by Scient.
### Conclusion
The combination of declining token prices and slowing inflows contrasts sharply with Solana’s ongoing network activity. While the market may be grappling with valuation gaps, the consistent capital inflows into ETFs and robust DEX volumes suggest that Solana’s intrinsic value remains high despite short-term price pressures. Whether these factors will translate into a recovery in SOL's price depends on future interactions between current support levels and resistance zones.
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