Solana's Post-2024 Dominance: On-Chain Accumulation and Network Utility Fuel a New Era

In the post-2024 crypto cycle, Solana (SOL) has emerged as a standout performer, driven by a confluence of robust on-chain accumulation patterns and exponential growth in network utility. As the crypto market transitions into a new phase of institutional adoption and decentralized finance (DeFi) innovation, Solana's metrics paint a compelling narrative of sustained demand, capital inflows, and real-world application. This analysis delves into the on-chain data and network-level indicators that position Solana as a critical player in the evolving blockchain ecosystem.

On-Chain Accumulation: A Story of Sustained Demand

Solana's on-chain metrics reveal a striking shift in investor behavior. Since the cycle low in November 2022, the asset has surged by +2,143%, outperforming Bitcoin and Ethereum on 344 out of 727 trading days, according to a Glassnode analysis. This growth is underpinned by $55 billion in net liquidity inflows, with daily capital inflows peaking at $776 million in September 2023, according to TheNewsCrypto. Glassnode's analysis also shows that the Hot Realized Cap metric—a proxy for new investor demand—has, for the first time in history, surpassed Ethereum's, signaling a structural shift in market sentiment.

The Realized Cap—a measure of the total value of coins held by addresses that have not moved in over a year—has grown from $22 billion to $77 billion since 2022, reflecting deep accumulation by both retail and institutional participants, according to Glassnode data. Notably, 27% of Solana's supply is now held by investors who entered the market within the 6–12 month window, underscoring growing confidence in its long-term utility, per a CryptoBriefing report.

The MVRV (Market Value to Realized Value) Ratio, a gauge of investor profitability, currently sits near the +0.5 standard deviation range, indicating moderate gains but not extreme levels that would trigger widespread selling, as TheNewsCrypto notes. This suggests the market remains in a "heated" but not "overheated" state, with room for further appreciation before profit-taking becomes a risk.

Network Utility: Scaling Beyond Hype

Solana's technical advantages—500,000 transactions per second (TPS), $0.00025 gas fees, and a 2.98 billion transaction volume in June 2025—have cemented its role as a high-performance blockchain, a point highlighted in CryptoBriefing's coverage. These metrics translate into real-world utility, particularly in DeFi and stablecoin ecosystems.

In Q3 2025, Solana's decentralized exchanges (DEXs) processed $326 billion in volume, a 21% quarter-over-quarter increase, per a CoinBuzzNow report. The network also generated $222 million in revenue during the same period, outpacing Ethereum and Bitcoin for the fourth consecutive quarter, according to a Coin-Views analysis. CoinBuzzNow also reported that strategic partnerships, such as the Phantom Wallet, have significantly boosted user onboarding and transaction activity.

Stablecoin inflows further highlight Solana's utility. In December 2024 alone, the network attracted $1 billion in stablecoin deposits, primarily in USDC, as traders leveraged its speed and low fees for DeFi activities, as reported in an AnalyticsInsight article. Glassnode data show that year-to-date, Solana has seen $5.3 billion in bridged stablecoin inflows, with total value locked (TVL) in DeFi protocols rising to $8.58 billion. This positions Solana as a key hub for decentralized lending, trading, and meme/AI token collateralization.

Future Outlook: ETFs and the Path to $290

While October 2025 data suggests bearish tendencies—such as rising Liveliness metrics indicating increased selling by long-term holders—Coin-Views analysis still points to optimism about potential catalysts. A proposed Solana ETF awaiting SEC approval could inject fresh liquidity and institutional capital, mirroring Bitcoin's ETF-driven rally in 2024. CryptoBriefing projects a $290 price target by year-end, with bullish scenarios pushing toward $400 under favorable macroeconomic conditions.

However, caution is warranted. The MVRV Ratio nearing the +0.5 threshold suggests investors are approaching a critical juncture where profit-taking could accelerate if broader market conditions deteriorate, a point TheNewsCrypto highlights.

Conclusion

Solana's post-2024 trajectory is defined by a unique interplay of on-chain accumulation and network utility. With capital inflows, DeFi adoption, and stablecoin dominance accelerating, the blockchain is well-positioned to sustain its momentum. However, investors must remain vigilant as the market approaches potential inflection points. For those aligned with the long-term vision of a scalable, high-throughput blockchain, Solana offers a compelling case for continued growth.