Key Takeaways
Solana has settled Bullish’s $1.15 billion IPO totally in stablecoins. Is SOL lastly prepared for its Wall Road second?
From a technical standpoint, Solana [SOL] is lagging Ethereum [ETH] on month-to-month returns, clocking simply 5% versus ETH’s 15%. On-chain, nonetheless, SOL is hitting notable operational milestones.
The community not too long ago achieved a 100k TPS throughput, highlighting its first verified peak. However extra considerably, Solana processed Bullish’s $1.15 billion IPO totally by way of stablecoins.
Why does this matter? Bullish, a US-based crypto trade, raised $1.15 billion in stablecoins, and Solana settled your entire IPO. That makes it the primary L1 to deal with capital-market–scale flows natively.
Supply: X
Briefly, Solana’s throughput is pulling institutional consideration.
Ordinarily, clearing a $1.15 billion stablecoin transaction is a network-level milestone, placing SOL on the radar for Wall Road–scale flows—properly past the same old “ETF hype.”
Nevertheless, the divergence between SOL’s on-chain firepower and value motion is notable. Is SOL undervalued, or is capital nonetheless gravitating towards ETH, leaving Solana’s potential underappreciated?
Solana’s on-chain power vs. market recognition
Solana’s relative power versus Ethereum is exhibiting clear fatigue.
On the weekly chart, the SOL/ETH ratio has slid almost 50% since April, printing three decrease lows and failing to carry rebound assist. Proper now, a 0.73% weekly surge marks its fourth try at constructing a base.
On-chain, the setup appears bearish. Solana’s each day lively addresses are down nearly 18% this week, versus Ethereum’s 4.2%, signaling a pullback in community exercise and softer engagement regardless of SOL’s throughput chops.
Supply: Artemis Terminal
Though, zooming in, SOL’s DAA has ticked up from 3.1 million to three.6 million over the past three days, including roughly 500k lively addresses, about the identical as Ethereum sees in “whole” exercise.
That’s a strong nod that the market isn’t ignoring Solana’s community muscle.
Pair that with the Bullish IPO clearing on-chain, and also you’ve acquired a legit bullish sign: SOL is shifting severe capital, not simply chatter. In consequence, its Wall Road cred is beginning to appear like extra than simply ETF hype.
