Solana Surges 6% While Trading Below $95: A Look at Its Performance

Solana is currently processing over 100 million transactions daily and managing $650 billion in monthly stablecoin volume, even as its SOL token remains below the $95 mark. This leaves traders pondering whether a reevaluation to $100 or above is overdue.

Key Takeaways

Solana's blockchain manages over 105 million daily transactions and substantial stablecoin transfers, signaling high underlying demand.
Despite strong network performance, SOL's price trades around the low $90s, raising questions about its valuation.
Significant institutional interest in Solana ETFs highlights a growing market presence despite recent price drops.
Analysts predict potential upward movement for SOL if it surpasses the $100 threshold, while also cautioning against technical risks in the current trading range.

Solana price chart versus surging network usage

Solana's Performance Amid High Network Activity

Currently trading in the low-$90s, Solana has recently experienced daily price fluctuations between 5-7%. Nevertheless, the network behind it has displayed activity that would typically reflect much higher valuations. Data from Dune Analytics shared by Solana Payments indicates that the blockchain processed approximately 105.3 million transactions per day as of February 19, 2026, which surpasses the combined activity of all other major blockchains.

In February alone, Solana executed around 3.4 billion transactions, marking one of its busiest months on record, while also managing about $650 billion in stablecoin transfers—more than doubling its previous record and exceeding both Ethereum and Tron in monthly stablecoin volume.

Solana rips upwards 6% as chain is trading like $100 while SOL is stuck under $95 - 1

According to a forecast from crypto.news, SOL saw a period of consolidation around $88-$89 in early March, with a market cap near $50 billion. Emerging from a tough February, Solana made a notable comeback on March 4, soaring 6% to reach $91.45, resulting in a market cap near $52 billion. In this period, 24-hour trading volumes increased to $7.5 billion, pushing the volume-to-market-cap ratio to 14.4%, which stands above the 30-day average of 11.2%. A further daily increase of 5.12% lifted SOL to about $91.46 as ETF inflows rose, and whale wallets staked approximately 200,000 SOL, valued at over $17 million, solidifying support in the $84-$86 range.

Institutional Demand Strengthening Solana

In the backdrop of SOL’s price movements, institutional interest in regulated products continues to grow. U.S. spot Solana ETFs are approaching the $1 billion net-inflow milestone, having drawn about $1.5 billion since their inception. According to Bloomberg data referenced by various analysts, SOL’s price has fallen about 57% since July 2025, yet Solana ETFs recorded $16.8 million in net inflows recently, bringing total inflows to $1.09 billion. The Bitwise Solana Staking ETF alone has attracted over $638 million. Currently, it is reported that around 30 institutions hold about $540 million in SOL ETF exposure, indicating a significant institutional rather than solely retail demand.

These inflows are influencing market dynamics: a Bitwise analysis suggests that spot ETF flows now represent approximately 25% of SOL’s price variability, while basis trades are currently subdued. Recent data from the derivative market shows open interest near $5.01 billion, with funding rates turning positive, leading to long-to-short ratios reaching monthly highs as SOL traded above $89 following a nearly 10% weekly gain. Analysts from crypto.news anticipate that if buying pressure endures, a sustained price move into the $95-$105 range is plausible, with clear confirmation expected from a breakout above $100.

The Road Ahead for Solana

The essential question traders face is whether SOL’s price will catch up to the impressive capabilities of the blockchain itself, which is currently capable of managing about 150 million transactions daily and supporting roughly $2 trillion in quarterly stablecoin transfers. This positions Solana as a central player in the stablecoin economy, according to recent market analyses. Experts from Grayscale and Standard Chartered suggest the shift away from memecoins toward payment systems and tokenized finance warrants higher valuations—estimating a base case price target of $250 per SOL in 2026 and a bullish case reaching $320, contingent on favorable ETF flows and technical improvements.

However, technical risks remain. Analysis from crypto.news indicates that SOL still operates within a broad trading trap between $80-$100, with $80 serving as critical support. If SOL manages to reclaim the $96-$116 range, it could signify a return to structural recovery. Conversely, bears caution that a decisive drop below $80 might precipitate a decline toward $64 or even the $59 target indicated on multi-day charts.

At this juncture, the market appears to be valuing Solana's capabilities as a blue-chip asset. The chain processes hundreds of billions monthly in stablecoins, though the full valuation premium implied by its current usage has yet to be realized. The future performance of SOL will hinge on whether market perceptions adjust upwards or if activity levels normalize.