Solana Charts Course Toward Historical Peak as Ecosystem Metrics Accelerate

Solana’s near staking ETF products have become a magnet for institutional capital, but the story extends far beyond Wall Street’s appetite for yield. With SOL trading in a technically sound position and on-chain fundamentals firing on all cylinders, the token faces a pivotal juncture that could determine whether 2025 brings a meaningful run toward its previous $293.31 all-time high.

Technical Setup Points to Extended Rally

The daily chart reveals a compelling narrative for Solana bulls. After climbing from a low of approximately $95 in April, SOL has constructed a textbook ascending channel pattern. The formation of a golden cross—where the 50-day moving average crossed above its 200-day counterpart—signals strengthening intermediate momentum. While the exact technical resistance levels remain fluid given recent price action, the broader framework suggests further upside momentum remains intact. The immediate target sits near the recent swing high, with a decisive breach opening doors toward the psychological and technical significance of the $295 mark.

Staking Products Draw Consistent Capital

The REX-Osprey SOL + Staking ETF, trading under ticker SSK, has become a bellwether for institutional interest in Solana’s yield narrative. Recent weekly inflows of $25.8 million represent a sevenfold jump from the prior week’s figures, highlighting accelerating demand among American investors. More impressive is SSK’s unbroken seven-week streak of positive capital flows, accumulating $164 million in total inflows and pushing assets under management to $183 million.

This near staking vehicle’s success carries strategic implications. Unlike conventional staking products, SSK allows participants to capture both Solana’s price appreciation and its native yield—currently hovering near 7.52% according to StakingRewards data. The consistent inflow pattern suggests investors are positioning defensively while maintaining upside exposure, a sentiment that could intensify if the SEC approves spot SOL ETFs as market participants currently anticipate.

On-Chain Activity Signals Genuine Network Strength

Behind the price action and capital flows lies a more fundamental story: Solana’s network is processing unprecedented transaction volumes. Stablecoin supply on the chain surged 6.2% in the last month, now exceeding $11.6 billion—a metric that reflects real economic activity rather than mere speculation.

Transaction metrics paint an even more bullish picture. The adjusted transaction volume reached $186 billion, marking a 6% monthly increase. Monthly transactions climbed 31% to 2.44 billion, while active addresses crossed the 90 million threshold. These figures position Solana as the most active major blockchain, a distinction that carries profound implications for developer adoption and ecosystem resilience.

The Convergence Play

What separates this potential Solana advance from previous rallies is the convergence of multiple positive catalysts. The near staking ETF ecosystem is primed to capture further institutional demand. The technical picture offers a constructive risk-reward setup for momentum traders. And crucially, the on-chain fundamentals demonstrate that transaction growth isn’t merely a price-driven phenomenon—it reflects genuine network expansion.

The path to testing the all-time high remains clear from a technical perspective, contingent on sustained capital flows and continued strength in network metrics. Whether SOL reaches those levels depends on maintaining this multi-layered momentum across institutional, technical, and fundamental dimensions.