Solana's token price has continued a downward trend, dropping over 73% from its peak, even as key network metrics surpass those of Ethereum. Spot Solana ETFs saw inflows of over $61 million this month, while Ethereum ETFs experienced outflows. Transaction volumes and active addresses on Solana have also risen significantly.
Solana (SOL) has faced persistent price pressure, extending a decline that began in September of the previous year after reaching a peak of $252. The token has fallen for eight straight weeks and now trades near its lowest point since January 2024, marking a more than 73% drop from its January high last year.
Despite this, Solana's network has shown robust growth, outperforming Ethereum in several areas. According to data from SoSoValue, spot Solana exchange-traded funds (ETFs) recorded inflows exceeding $61 million in February, continuing a streak of five months of positive additions that have accumulated to over $932 million. These funds currently manage more than $795 million in assets. In contrast, Ethereum ETFs lost over $326 million in assets during the same month and have shed more than $2 billion over the past four months, though their cumulative net inflows stand at over $11.6 billion.
Other metrics highlight Solana's edge. Nansen data indicates that Solana processed over 2.6 billion transactions in the last 30 days, compared to Ethereum's 66.7 million. Solana generated more than $25 million in fees during this period, surpassing Ethereum's $18 million and ranking second behind Tron, associated with Justin Sun. Additionally, Solana's active addresses increased by 30% to over 114 million, while Ethereum's fell by 5.3%.
From a technical perspective, the weekly chart reveals Solana in a bearish phase. The price has broken below the $107 support level, the neckline of a head-and-shoulders pattern, and the $93.75 bottom of the Murrey Math Lines trading range. It also trades under the 50-week and 100-week exponential moving averages and the Supertrend indicator. Analysts suggest further potential decline to $62.5 at key Murrey Math Lines levels, with a possible rebound once the broader crypto market downturn eases in coming weeks or months.
