SOL spot ETF continues to attract funds, with ecosystem vitality reaching new heights, but why is the price instead falling?

US Solana spot ETF saw a net inflow of $3.08 million yesterday, with record-high staking rates and increasing active addresses indicating growing ecosystem vitality. Interestingly, despite these positive data points, SOL prices have recently come under pressure, reflecting what behind this?

ETF Inflows Continue, Institutional Recognition Rises

According to the latest news, on January 20th Eastern Time, the total net inflow of Solana spot ETFs reached $3.08 million. Among them, Fidelity SOL ETF (FSOL) performed the strongest, with a single-day net inflow of $2.25 million, bringing its total net inflow to $145 million. Franklin SOL ETF (SOEZ) followed closely, with a single-day net inflow of $1.09 million, and a total net inflow of $3.33 million.

As of press time, the total net asset value of Solana spot ETFs was $1.07 billion, with a cumulative net inflow of $867 million. While this scale still lags behind Bitcoin spot ETFs worth hundreds of billions of dollars, for a product approved only at the end of 2024, the growth rate is already quite impressive.

Institutional Capital Logic

The continuous inflow into Solana spot ETFs indicates that institutional investors are systematically allocating to SOL. This pattern of inflows is similar to the situation after Bitcoin and Ethereum spot ETFs were approved, reflecting an increasing recognition of crypto assets by traditional financial institutions. Fidelity, as one of the world’s largest asset managers,’s strong performance of its FSOL product is especially noteworthy.

Ecosystem Vitality at an All-Time High, Fundamentals Improving

Short-term price fluctuations often mask positive fundamental signals. Recent data shows that Solana’s staking rate hit a record high of 68.8%. This means nearly 70% of circulating SOL is staked, indicating growing long-term confidence in the network.

Meanwhile, on-chain active addresses increased by 56% to 27.1 million, with weekly transaction volume reaching 515 million transactions. These indicators suggest that both daily users and traders are actively using the Solana network. Compared to many blockchain ecosystems that see decreased activity in bear markets, Solana’s performance stands out.

Developer and Ecosystem Enthusiasm Remains High

From related news, despite controversies surrounding projects like Trove, the enthusiasm for building within the Solana ecosystem has not diminished. Solana co-founder Anatoly Yakovenko recently emphasized that the network must “never stop iterating” to survive long-term, reflecting the core team’s commitment to continuous innovation. Leading applications like Magic Eden are also actively adjusting strategies and promoting token ecosystem development.

Price Pressure and Fundamental Dislocation

Currently, SOL is priced at $127.32, down 4.73% in 24 hours and 12.45% over the past week. This contrasts sharply with the positive signals from ETF inflows, record-high staking rates, and growing active addresses. This dislocation can typically be explained by several factors:

• Short-term technical correction: a normal pullback after a high run
• Market sentiment volatility: the entire crypto market has been under pressure recently, with SOL following the trend
• Profit-taking: institutions may be taking profits through ETF inflows while other funds exit positions
• Supply pressure: sell-offs within the ecosystem (e.g., Trove incident) may impact market sentiment

From a technical perspective, SOL has held above the key support level of $135.50, and the MACD indicator has shown a bullish crossover, providing a technical basis for a potential rebound.

Future Focus Points

Based on current data, the Solana ecosystem is at an interesting juncture: institutional capital continues to flow in, user activity hits new highs, but prices are still adjusting. This often indicates the market is digesting and pricing in these positive fundamentals.

Key points to watch include whether ETF inflows can break through current price resistance, whether controversies within the ecosystem will have a long-term impact on market confidence, and how regulatory clarity develops further.

Summary

The sustained inflow into Solana spot ETFs and the increasing ecosystem vitality indicate growing demand for SOL from both institutions and users. Short-term price corrections do not negate these fundamental improvements. If ETF scale continues to expand, staking rates remain high, and active addresses keep growing, prices will eventually catch up with these positive signals. The crucial factor is whether this fundamental improvement can be sustained and when market sentiment will shift back to optimism.