Solana (SOL) Price: Institutions Are Still Buying the ETF Even as SOL Trades Near $88

TLDR

• Solana (SOL) is down 57% since US Solana ETFs launched in July, trading around $88
• Solana ETFs have still accumulated $1.5 billion in inflows and held onto most of it
• 50% of ETF inflows come from institutional investors
• Solana’s network hit a record $650 billion in stablecoin transactions in February 2026
• Solana now holds the second-largest USDC supply of any blockchain, behind only Ethereum

Solana’s price has fallen sharply since its ETF debut in the United States, but on-chain activity and fund flows tell a more complicated story.

SOL is currently trading at around $88, down 57% since Solana ETFs launched in July. It is also down 70% from its all-time high of $293, reached in January 2025 during a memecoin trading surge.

Despite the price drop, Solana ETFs have pulled in $1.5 billion in net inflows and have not given much of that back, according to Bloomberg ETF analyst Eric Balchunas.

When adjusted for market size, Solana ETFs have seen the equivalent of $54 billion in flows relative to Bitcoin’s market cap — roughly double where Bitcoin ETF inflows stood at the same point after launch.

On Thursday, Solana ETFs recorded their first net outflow day in over a month, with $6 million leaving the six products. That followed a $19 million net inflow day on Wednesday, per CoinGlass data.

Stablecoin Volume Hits Record High

Away from price action, Solana’s network posted a record $650 billion in stablecoin transactions during February 2026, according to a research note from Grayscale Investments.

That figure is the highest monthly stablecoin total ever recorded on any blockchain, and it was reached in just 28 days. It more than doubled the previous peak, set only four months earlier in October 2025.

Grayscale noted the volume was driven by SOL-stablecoin trading pairs and real payment activity, not speculative memecoin trading.

Low transaction fees on Solana have made small transfers practical, drawing developers building payment tools and micropayment systems that would not work on higher-fee networks.

Solana’s Position in Stablecoin Rankings

Solana now holds the fourth-largest stablecoin supply of any blockchain. In USDC specifically, it ranks second, behind only Ethereum.

USDC is widely used by institutional participants, making Solana’s second-place ranking in that category a data point worth watching.

Ethereum still leads in tokenized real-world assets, carrying $15.57 billion over the past 30 days compared to Solana’s $2 billion, according to rwa.xyz figures.

SOL is currently down 2.7% on the day and 11% over the past month, per CoinGecko. The token last traded at approximately $88.40.

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