I've been watching Solana's trend recently, and the current stage of this project is quite interesting.

The SOL price fluctuates around $125, having fallen from nearly $300 at the beginning of the year. The adjustment throughout the year indeed left many people puzzled. However, a closer look at on-chain data reveals a different story—network revenue exceeded $1.3 billion for the entire year of 2025, DEX trading volume doubled, and the stablecoin ecosystem is steadily expanding. Even more interesting is that institutional players are quietly shifting: funds related to the Solana ecosystem are continuously absorbing capital, while there is a slight outflow from BTC and ETH. What does this rotation indicate? Institutions are attracted to the tangible application opportunities within the Solana ecosystem—DeFi, RWA, payments, and other tracks are gradually accumulating users, building one after another.

The fact that the price hasn't kept pace with on-chain activity is actually a sign of the project's maturing. Volatility has decreased, and the narrative has become more solid. In the short term, it may continue to fluctuate between 120 and 130, but once the macro environment improves or new upgrades are launched, the rebound potential will be significant. Many say it is severely undervalued, and from a fundamental perspective, that makes sense—its technical foundation remains intact, and the ecosystem hasn't collapsed.

By the end of the year, rather than obsessing over short-term price movements, it's better to focus on substantive progress. The number of real-world projects landing on the Solana network in payments, finance, and other areas is increasing, which represents long-term value accumulation. As the new year approaches, remember to do more research and operate cautiously—markets need time to verify these stories.