Solana (SOL) saw a sharp uptick in on-chain activity Tuesday, logging over 14.6 million active addresses in a single day—even as its price dipped slightly.
The surge, highlighted by analyst Ali Martinez, points to growing user engagement across the network.
This wave of activity comes amid rising speculation around a potential Solana ETF. The SEC has reportedly asked applicants to revise or resubmit ETF filings by the end of July, a move analysts view as a sign of progress. Bloomberg’s James Seyffart called the ongoing communication “a positive signal.”
Meanwhile, Solana continues to outperform rival blockchains in network revenue. According to SolanaFloor, the protocol led all layer-1 and layer-2 chains in Q2 2025 for the third straight quarter, earning over $271 million—outpacing TRON by more than $100 million.
Despite these bullish signals, SOL is trading slightly lower at $151.17, down 0.86% in the past 24 hours. The drop may reflect uncertainty as the SEC delays its decision on Fidelity’s Solana ETF proposal while simultaneously rolling out a new framework to streamline future crypto ETF approvals.
The broader investor sentiment around Solana remains cautiously optimistic. As user activity hits all-time highs and ETF speculation intensifies, SOL could be poised for renewed upside—particularly if regulatory clarity emerges and institutional access expands through a greenlit ETF.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/solana-hits-record-14-6m-active-addresses-amid-growing-etf-speculation/