Solana Hits 14.6 Million Active Addresses Amid ETF Speculation

On July 8, 2025, Solana (SOL) achieved a significant milestone with 14.6 million active addresses in a single day, marking a new all-time high for the blockchain. This surge in activity reflects a growing user base and increased transaction volume, despite a minor price dip to $151.17. The uptick is largely attributed to speculation surrounding a potential Solana exchange-traded fund (ETF), which could open the doors for broader institutional investment. The U.S. Securities and Exchange Commission’s (SEC) recent request for applicants to revise or resubmit ETF filings by the end of July is viewed by market analysts as a constructive step toward regulatory approval.

The SEC’s engagement with ETF applicants, including Fidelity’s Solana ETF proposal, has been interpreted as a sign of evolving regulatory frameworks. This regulatory momentum is crucial for Solana, as an approved ETF would facilitate easier access for institutional investors and potentially drive demand for SOL tokens. However, the current price softness reflects market caution amid the pending decision and broader macroeconomic factors affecting crypto markets.

Beyond user engagement, Solana continues to dominate in terms of network-generated revenue. Data from SolanaFloor indicates that Solana earned over $271 million in Q2 2025, maintaining its position as the top-performing layer-1 and layer-2 blockchain for the third consecutive quarter. This revenue figure surpasses that of TRON by more than $100 million, highlighting Solana’s robust ecosystem and developer activity. The protocol’s ability to generate substantial revenue underscores its growing utility and adoption across decentralized applications, DeFi platforms, and NFT marketplaces.

Despite these positive fundamentals, SOL’s price has experienced a slight decline of 0.86% over the past 24 hours. This movement is indicative of cautious investor sentiment as the market awaits clearer regulatory outcomes. The SEC’s simultaneous rollout of a new framework aimed at expediting future crypto ETF approvals adds complexity to the current environment. Market participants remain watchful, balancing optimism about Solana’s technological advancements and network growth with the inherent uncertainties of regulatory timelines.

Looking ahead, Solana’s trajectory appears promising if regulatory clarity is achieved. The potential approval of a Solana ETF could catalyze significant inflows from institutional investors, enhancing liquidity and market depth. Additionally, sustained network activity and revenue growth position Solana as a leading blockchain platform capable of supporting diverse decentralized applications. Stakeholders are encouraged to monitor regulatory developments closely and consider the implications of increased institutional participation on Solana’s ecosystem.

Solana’s record-breaking active addresses and leading network revenue highlight its expanding influence in the blockchain space. While ETF speculation and regulatory progress provide a foundation for optimism, market participants should remain prudent given ongoing uncertainties. The convergence of heightened user engagement and potential institutional access through an ETF could mark a pivotal moment for Solana’s growth, making it a key asset to watch in the evolving crypto landscape.