- Solana (SOL) sees active addresses on its network decline to a 12-month low, despite its ETFs recording consecutive inflows and whales increasing their exchange activities.
- An analyst has predicted that SOL could stage a rebound to approximately 10 times its current value in the future.
Solana (SOL) was one of the most affected coins in the recent broad market pullback that saw Bitcoin declining to almost $100k. According to our data, SOL is trading at $156, a value which is about 21% below its monthly high. Also, the asset has declined by 20% in the last 90 days and 19% from year to date.
In line with this price decline, the number of active addresses on Solana has fallen to around 3.3 million, which is a 12-month low. This is also a significant decline from its January peak of 9.9 million. Regardless of these “on-chain woes,” some segments of the network are doing quite well.
Data suggests that the Solana-based launchpad for creating and trading memecoins, pump.fun, is “printing” more than $1 million daily and dominating token launchpads with about 90% of the market share.
Solana is also reported to be actively working behind the scenes, building new Real World Asset (RWA) protocols, Decentralized Exchanges, and prediction markets. Above all, its Decentralized Finance (DeFi) sector has a Total Value Locked (TVL) of $10 million. According to reports, protocols including Jupiter, Kamino, and Jito dominate in this area.
Solana (SOL) Whales Increase Activities as ETF Sees Continuous Inflow
Apart from these developments, on-chain data also suggests that the current price of SOL is significantly appealing to whales, which could soon lead to a turnaround in the price. CoinGlass data has specifically confirmed that Solana activities by large holders have increased massively as whale cohorts contribute an average of about $26 million in net spot inflows on Binance, OKX, and Coinbase.
Over the last three days, these investors have executed about $457 million in long positions on Binance and OKX.
Bitwise’s BSOL and Grayscale’s GSOL funds now hold a collective amount of $351 million worth of SOL. On its trading debut, BSOL recorded $220 million in trading volume, as detailed in our earlier news coverage. At that time, Solana posted that it had conquered Wall Street.
Today, its ETFs have attained inflows for the 11th consecutive time, as noted in our recent post. The momentum around the asset continues to grow steadily as the New York Stock Exchange (NYSE) announces the launch of options trading for SOL ETFs. This was also confirmed by Teddy Fusaro, President of Bitwise.
Options are now live on America’s largest Solana ETF, BSOL. Pretty remarkable. Institutional tools for risk management, yield enhancement, and efficient price discovery that are essential at scale.
Amid all of this, Bitwise CIO Matt Hougan has predicted a massive rebound for the asset, up 2x, 3x, or even 10x. According to our recent analysis, the asset could surge to $250, but would first have to witness an on-chain revival, institutional inflows, and ETF greenlights.
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