Solana Price Down 72%, but ETF Inflows and Network Activity Hold Strong

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Spot SOL ETFs net inflows. Source: SoSoValue

Solana’s SOL token is trading roughly 72% below its $295 all-time high and well under the $188 level seen during the launch of spot SOL ETFs in October 2025. While inflows into spot SOL ETFs have slowed since December — averaging $20–25 million weekly compared to the $100 million pace at launch — outflows remain relatively limited. Over the four-month correction, cumulative outflows total just $11.3 million across two weeks, showing notable resilience compared to spot Bitcoin and Ethereum ETFs, which recorded four straight months of negative flows.

Meanwhile, Solana’s onchain activity tells a different story than price action. Over the past 30 days, the network processed $108 billion in decentralized exchange volume, outpacing Ethereum and Base. Daily app revenue, active addresses, and chain fees also compare favorably, suggesting sustained ecosystem demand. Despite price weakness, usage metrics indicate that capital and user engagement remain structurally strong.

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solana said bear market where i’m busy