Solana Transfer Volume Reaches $3 Billion for First Time Since September 2024
Analyst Ali Martinez reported that Solana's transfer volume reached $3 billion for the first time since September 2024, indicating increased network activity despite a decline in SOL price.
The spike may reflect:
- Institutional interest
- Increased DeFi activity
- Whale movements
Franklin Templeton filed for a Solana-based ETF on March 12, 2025. The commodity-based trust aims to provide direct exposure to SOL on the Cboe BZX Exchange, citing Solana’s decentralized structure as resistant to manipulation.
Solana has dropped to the 14th position among blockchain protocols by fees generated in the past week, with Ethereum at 15th. The decline in transaction fees may benefit users but impacts validator rewards.
The community is debating the SIMD-228 proposal, which seeks to reduce SOL inflation by 80%. Currently, it has 66.40% approval, just below the required 66.67%. If passed, it could lower staking rewards and affect small validators.
As of now, SOL trades at $124.95, down 15.31% over the past week and 18.28% year-over-year. The Relative Strength Index (RSI) is at 36.42, nearing oversold conditions, suggesting potential for a reversal if buying pressure increases. The price must reclaim mid-band resistance at $142.21 for bullish momentum.
