Solana has been under strong selling pressure for weeks. The price has now declined for eight consecutive weeks and is trading near its lowest level since January 2024. From its peak of $252 in January last year, SOL has fallen more than 73 percent.
Despite this sharp correction, Solana’s network activity tells a very different story.
Solana Is Growing Faster Than Ethereum in Key Areas
While price action looks weak, on-chain data shows strong momentum.
Recent data indicates that spot Solana ETFs attracted more than $61 million in inflows this month alone. This marks five straight months of positive inflows. Total cumulative inflows now stand above $932 million, with around $795 million in assets under management.
In contrast, Ethereum ETFs saw significant outflows in February, losing more than $326 million. Over the last four months, Ethereum-based funds have shed over $2 billion.
Beyond ETF flows, Solana is outperforming Ethereum in network activity.
In the past 30 days:
- Solana processed over 2.6 billion transactions
- Ethereum handled around 66.7 million transactions
Solana also generated more than $25 million in fees, compared to Ethereum’s $18 million during the same period. This places Solana among the most profitable chains in the industry.
Active addresses further highlight the difference. Ethereum’s active addresses dropped by 5.3 percent in the last month. Meanwhile, Solana’s active addresses surged by 30 percent, reaching over 114 million.
These metrics show strong ecosystem engagement, even while price remains under pressure.
Solana Price Technical Outlook
From a technical perspective, the weekly chart still shows bearish momentum.
SOL has broken below key support levels, including the neckline of a head and shoulders pattern near $107. It has also fallen under $93.75, an important support zone based on Murrey Math analysis.
The token remains below its 50-week and 100-week exponential moving averages. It is also trading under the Supertrend indicator, which suggests continued downward pressure.
If bearish momentum continues, the next major support could be around $62.50. However, a broader crypto market recovery could trigger a rebound in the coming weeks or months.
Can Solana Recover?
Although the price trend remains negative, Solana’s strong fundamentals, rising ETF inflows, growing active addresses, and high transaction volume suggest long-term strength.
If overall market sentiment improves, SOL could see a meaningful rebound. Until then, traders should closely monitor support levels and broader crypto market conditions.
