Solana experienced a pullback to near $102 on Tuesday, down more than 7% from its recent seven-month high of approximately $110. However, several on-chain metrics suggest sustained investor demand for the asset.
On-chain data shows that roughly 2.6 million SOL left exchanges over the past week, reducing available supply. According to analyst Ali Martinez, Solana recorded an average of 9.5 million new addresses per day over the same period, a metric considered an important adoption signal.
Institutional and Investor Activity
Larger investors have increased their participation in the network. Wallets holding at least 10,000 SOL rose 1.58% after 52 new whale wallets joined the network. Additionally, US spot Solana ETFs extended their weekly net inflow streak to nine weeks, attracting nearly $154 million in capital last week. Bitwise's Solana Staking ETF, BSOL, recently surpassed $1 billion in assets under management within 10 months of launch.
Network Developments
Solana completed its first binding on-chain governance vote, followed by a 25% increase in network speed, with slot times improving from 400 milliseconds to 300 milliseconds. Charles Schwab announced plans to add SOL to Schwab Crypto Direct.
The network also reached several milestones: its real-world asset holder base crossed 350,000, xStocksFi topped $500 million in assets under management across more than 700 tokenized assets, and tokenized commodities on the network reached a record $50 million in supply. Solana became the leading network by total transaction volume.
