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A new report prepared by Glassnode draws attention to Solana 
$173 (SOL) beyond the excitement generated by ETF discussions. The report emphasizes the capital movements within the Solana asset. Since the cycle’s low in November 2022, SOL has outperformed both Bitcoin (BTC) 
$0.000041 and Ethereum (ETH) 
$0.000165.
Solana’s Rise Continues
Following the collapse of the FTX Derivatives Exchange, SOL’s price fell below $9 but rebounded with more than a 20-fold increase. The analytics firm noted that SOL has outperformed BTC and ETH in 344 out of the last 727 trading days. This indicates a significant demand for the coin since the FTX collapse.
Beyond price movements, SOL has also surpassed Ethereum as a leading ecosystem for developers, completing an overall surge.
Glassnode pointed out that the last two years have been remarkable for Solana, with the price increasing by 2,143%.
Future of Solana (SOL)
One of the key factors driving SOL’s price this year has been the explosion of memecoins. Alongside products focusing on the individual market, asset managers are now working on an SOL ETF product for institutional investors.
Canary Capital, Bitwise, and 21Shares are among the leading firms in the search for a Solana ETF. There is particular belief that under the Trump administration, this product will gain approval. The presidential candidate has nominated crypto supporter Paul Atkins as the next SEC chairman.
Along with Atkins and various industry lobbying groups, more crypto ETFs tracking Solana are expected to be launched soon. If successful, previous price analyses suggest that SOL’s price could rise to as high as $400.
Glassnode stated that this growth is forcing capital inflows into the asset class. In terms of growth, SOL recorded more growth than BTC and ETH in 389 out of 727 trading days. Overall, the Proof-of-Stake (PoS) network has seen a net liquidity increase of $55 billion for price appreciation.
Glassnode indicated that SOL has maintained a positive inflow since at least September, expressing that despite the price drop to $175.9, there is potential for further growth. The performance of Solana and the increase in capital inflows strengthen future growth expectations. If institutional investments and ETF approvals increase, SOL’s market position is expected to solidify further.
