SOL is framed as the standout trade: up 44% on the month, back above $100, and powered by record spot ETF inflows, record on-chain usage, and a governance shift that could tighten supply fast. The core thesis is that Solana’s metrics — 76 million daily transactions, nearly 70% of all crypto transactions, 17 straight weeks of DEX leadership, and a burn/disinflation regime — make its valuation look absurd versus ETH. The bullish case extends into October with Alpenglow targeting 150 ms finality, while treasury vehicles and Bitwise’s BSOL are presented as ways to express the move. The conclusion is that SOL is still underpriced relative to usage, liquidity, and future AI/DeFi adoption, with upside modeled as a large re-rating versus ETH market cap.
SOL is up 44% on the month, trading above $100, after a long stretch at or below 70, then the low 80s, then 100+ and roughly 109 now.
Cumulative spot SOL ETF flows are nearly $1.25 billion, with BSOL at about 79% of that total; as of Aug. 25 the products took in more than $30 million on two consecutive days after weak initial traction from the Aug. 19 start date.
The Solana constitution vote enabled on-chain governance, while the separate disinflation proposal cuts annual disinflation from about 15% to 30% and pulls 1.5% terminal inflation forward by about 3 years, implying ~19 million fewer SOL issued.
That disinflation vote hit quorum at about 47% participation versus a 33% threshold, and nearly 69% of participating stake voted yes.
SPG SGP003 splits base fees into an inclusion fee and a dynamic resource fee that is 100% burned, with daily burn cited at about $80,000 and full burn said to be coming soon.
Without the disinflation change, 1.5% terminal inflation would arrive in about 6 years, around 2031-2032; with it, the target is 3 years.
Agave 4.2 is starting now, finality is improving by about 50 ms every couple of weeks, and Alpenglow is targeted for Agave 4.3 in October to replace Tower BFT and push finality to 150 ms.
SOL did about 4.28 billion user transactions in July 2026, implying roughly 1,800-2,200 transactions per second, and is said to be adding more transactions to every block.
SOL is claimed to do nearly 70% of all crypto transactions as of Aug. 9, and to be number one in DEX volume for 17 straight weeks at about $20 billion weekly, or 30% of all crypto DEX activity.
The valuation gap versus ETH is pitched as the market mispricing: ETH does about 1.5 million daily transactions versus SOL’s 76 million, yet SOL trades at about 20% of ETH’s market cap.
The Sui comparison is used to reject a ‘Solana killer’ narrative: SOL does about 76 million daily transactions versus Sui’s 5 million, while ETH is said to have more users than Sui and SOL about 10.6x ETH users.
Daily active users are listed as SOL at 10x ETH, TRX at 3.3 million, BNB at 2.5 million, and ETH at about 500,000.
SOL is described as green versus AVAX, BTC, ETH, SUI, SEI, and XRP, while the use-case mix cited includes RWAs, DEXs, perp DEXs, tokenized stock trading, and stablecoin transfers.
The upside model pegs SOL at about $365 if it reaches 70% of ETH’s market cap, about $240 at 50%, and about $170 at 33%, with a year-ahead LYLO ladder at roughly 226, 204, 166-168, and a spoken ‘level 734’ reference.
The treasury angle centers on DFDV: it bought 19,000 SOL today and holds 2.333 million SOL; the listed treasury names are UPXI, HSDT, DFDV, and FORD, with NAV premium figures cited as 0.37, 0.53, 0.65, and 0.63 respectively.
MSTR is used as the leverage analogy: one month ago it was 91 and now it is 139, and the Bitwise CEO behind BSOL is quoted saying SOL is the best risk-reward setup in crypto he has seen in eight years.