Solana Showcases Strong Potential for Valuation Growth as ETFs and Network Metrics Rise

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As Solana (SOL) gears up for possible growth in 2026, rising on-chain activity, increased participation in decentralized finance (DeFi), and expanded institutional interest through exchange-traded funds (ETFs) are driving expectations. Currently trading at $139, below its all-time high, Solana's strong fundamentals and gradual price recovery suggest a more robust valuation narrative beyond short-term market fluctuations.

Key Takeaways:

Solana is experiencing a significant rise in network activity and DeFi metrics.
Network usage has increased with active addresses rising from 3.38 million to 3.78 million since the start of the year.
Total value locked (TVL) in Solana-based protocols has grown to over $9 billion.
Application revenue across the Solana ecosystem reached $2.39 billion in 2025, showing a 46% increase.
Institutional interest is growing through Solana-focused ETFs, with total assets under management exceeding $1 billion.

Rising Network Activity and DeFi Growth

On-chain activity on Solana has significantly increased since the beginning of the year. The number of active addresses rose from approximately 3.38 million to 3.78 million in early January, indicating a surge in participation related to transfers, trading, and application usage. This uptick in engagement corresponds with a consistent rise in decentralized finance (DeFi) metrics.

The total value locked (TVL) across Solana-based protocols climbed from around $8 billion to just over $9 billion, reflecting more capital being committed to lending, liquidity provision, and yield-focused strategies. This growth aligns with long-term data from Solana’s 2025 network review, which reported an average of 3.2 million daily active wallets and non-vote transactions hitting a record high of 33 billion over the year.

Additionally, decentralized exchange (DEX) activity has been a vital factor. Annual DEX volume reached $1.5 trillion in 2025, marking a 57% increase compared to the previous year, with SOL-stablecoin trading volumes exceeding $780 billion. Raydium led the DEX platforms in terms of trading volume, with several others crossing the $10 billion mark.

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Steady Revenue Growth and Ecosystem Expansion

Revenue generation within the Solana ecosystem continues to flourish. Applications built on the platform generated $2.39 billion in revenue in 2025, reflecting a 46% increase from the previous year.

Seven applications surpassed the $100 million mark in annual revenue, while smaller projects collectively contributed over $500 million. The network itself reported a substantial revenue increase of $1.4 billion, indicating that economic activity is largely driven by actual usage rather than mere speculation.

Besides DeFi, Solana has also seen a rise in stablecoin transactions, tokenized equities, and Bitcoin-related activities. The stablecoin supply more than doubled to $14.8 billion, while transfers reached an impressive $11.7 trillion, highlighting the growing use cases for settlement and payment solutions.

Institutional involvement has become more prominent through ETFs focused on Solana. Assets under management for these products recently surpassed $1.02 billion, with Bitwise’s BSOL being the primary contributor. Data shows cumulative inflows close to $800 million and steady trading volumes, indicating a rising demand for regulated market exposure. In the spot market, SOL has bounced back from around $120, trading near $140, thanks to increased volume and positive technical indicators.

In summary, while there are still resistance levels to overcome, the combination of ETF inflows, enhanced network activity, and diversified revenue streams makes a compelling case for potential higher valuations if market conditions remain favorable.

Cover image from ChatGPT, SOLUSD chart from TradingView.