Investors expect Solana (SOL) to gain momentum in 2026 due to increased on-chain activity, growing DeFi participation, and increased institutional exposure through exchange-traded funds.
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SOL is trading below its all-time high at $139, but recent data suggests a gradual price recovery and strengthening network fundamentals. Together, these trends form a clearer story about how Solana’s valuation is supported beyond short-term market movements.
The price of SOL is trending sideways on the daily chart. Source: SOLUSD on Tradingview
Network activity and DeFi metrics show sustained growth
On-chain usage has increased significantly since the beginning of the year. Solana’s active addresses increased to 3.78 million from around 3.38 million in early January, indicating a wide range of participants across money transfers, transactions, and application usage. This increase in activity coincided with a steady rise in decentralized finance metrics.
Overall TVL for Solana-based protocols increased from approximately $8 billion to just over $9 billion, reflecting increased capital commitments for lending, liquidity provision, and yield-focused strategies.
These increases are consistent with Solana’s 2025 Network Review long-term data. The data shows an average of 3.2 million daily active wallets and a record 33 billion non-voting transactions over the year.
Decentralized exchange activity also remained a key factor. In 2025, annual DEX trading volume reached $1.5 trillion, an increase of 57% year-on-year, and SOL stablecoin trading volume exceeded $780 billion. Raydium leads the DEX platform in terms of trading volume, with several other platforms exceeding the $10 billion threshold.
Application revenue and ecosystem expansion
Revenue generation across the Solana ecosystem continues to grow. Applications built on the network will generate $2.39 billion in revenue in 2025, a 46% increase over the previous year.
Annual revenue for seven applications exceeded $100 million, with smaller projects totaling over $500 million. The network itself reported $1.4 billion in revenue, reflecting a sharp increase in economic activity related to usage as well as speculation.
Beyond DeFi, Solana has also seen growth in stablecoin transfers, tokenized stocks, and Bitcoin-related activity. The supply of stablecoins more than doubled to $14.8 billion, and the amount transferred reached $11.7 trillion, indicating an increase in clearing and payments use cases.
Pay attention to Solana ETF inflows and price levels
Institutional investor participation has become more visible through Solana-focused ETFs. Assets under management across these products recently exceeded $1.02 billion, with Bitwise’s BSOL holding the majority share.
Data shows cumulative inflows are approximately $800 million and trading volumes are stable, suggesting continued demand for regulated exposure. In the spot market, SOL recovered from the $120 area to around $140, supported by increased volume and improved technical indicators.
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While resistance levels remain, if the broader market environment remains supportive, a combination of ETF inflows, increased network usage, and expanded revenue streams will likely push valuations higher.
Cover image from ChatGPT, SOLUSD chart from Tradingview
