Solana: Why SOL’s price levels might not reflect its true value

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Key Takeaways

Why is Solana looking poised despite recent price underperformance?

Ah, Solana! Its on-chain activity is like a merry-go-round that just won’t stop, spinning with strong network demand and investor interest. But the price? Well, that’s just playing hard to get.

Could BNB’s rally impact SOL?

Ah yes, the ever so delightful Binance Coin, soaring with a 30-day run like it’s been drinking rocket fuel. But don’t count Solana out just yet! If BNB’s RSI gets too overheated, we might just see a nice little rotation back into SOL, fueled by some tasty on-chain activity and Bitwise’s ETF update.

Hold onto your hats, folks. Data this week reveals an obvious shift out of Solana [SOL]. Can you believe it? SOL’s market share is now a humble 2.96%, while BNB is happily galloping up to a two-year high of 4.43%. It’s like FOMO has suddenly become a BNB fanclub.

But wait, is this a case of Solana’s fading shine, or is it just that Binance Coin’s Cinderella story is stealing the spotlight? A classic case of BNB getting the attention while SOL takes a backstage nap.

Weekly on-chain trends highlight a multi-polar market

BNB’s been flexing hard, clocking a 50% jump in just 30 days. Meanwhile, SOL’s barely managed a 1.5% uptick. Poor SOL – it’s like showing up to a race, but you’re still lacing up your shoes. Result? The SOL/BNB ratio is at an all-time low, sitting at 0.20 as of writing. Somebody call for a lifeline!

However, the on-chain data seems to be telling a different tale. Solana recorded 503.6 million economic transactions this week – that’s more than 4.4 times what BSC could pull off. Looks like SOL might still be the underdog hero, waiting for its time to shine.

Solana’s weekly data? Surprisingly bullish. A whopping $706 million in Solana Exchange Traded Products (ETPs) this week, smashing previous all-time highs. Somebody’s clearly chasing SOL, even if the price is playing hard to get.

To sum it up: Solana’s price is doing a little waltz behind BNB’s flashy moves, but don’t be fooled. The network is solid, and the market’s got that multi-polar vibe going on.

What happens to Solana if the market tilts?

When the market went risk-off, poor SOL slipped below its $230 support. Ah, the drama! But now, it’s chilling, moving sideways between $220-$230 like it’s contemplating its next big move.

The resilience? Not random. At press time, Daily Network Volume was a staggering $7 billion+, nearly 24% higher than BNB. Someone’s still supporting Solana, even if it looks like it’s slacking off.

Meanwhile, BNB is heating up like an overcooked pot roast. A 2.2% pullback, paired with an RSI that’s about to explode, could signal the perfect time for a rotation back into Solana, as volume flows like it’s got a mission to complete.

In short, SOL is looking like a diamond in the rough, possibly gearing up for its next big surge. Watch out, folks. It’s about to show BNB how it’s done.

And let’s not forget Bitwise’s move to rebrand its Solana staking ETF with a competitive 0.20% fee, right before the SEC hearing. It’s like they’re handing out FOMO on a silver platter. A textbook move!

With on-chain metrics holding steady, it’s safe to say the market’s not ready to give up on Solana just yet. Add BNB’s overextension to the mix and Bitwise’s well-timed move, and you’ve got yourself a delicious “buy the dip” opportunity.

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2025-10-10 01:56