Solana Sees 14.6 Million Active Addresses Amid ETF Speculation

Solana, a prominent blockchain platform, experienced a significant surge in on-chain activity on Tuesday, with over 14.6 million active addresses recorded in a single day. This notable increase in user engagement was highlighted by analyst Ali Martinez, who pointed out the growing interest and activity within the Solana network. The surge in active addresses comes at a time when there is increasing speculation about the potential approval of a Solana Exchange-Traded Fund (ETF).

The U.S. Securities and Exchange Commission (SEC) has reportedly requested applicants to revise or resubmit their ETF filings by the end of July, a move that analysts interpret as a positive sign of progress in the regulatory process. This ongoing communication between the SEC and ETF applicants has been described as a favorable development, indicating that the regulatory body is actively engaging with the proposals.

Despite the bullish signals from the network activity and regulatory engagement, the price of Solana's native token, SOL, experienced a slight dip, trading at $151.17, down 0.86% in the past 24 hours. This price movement may reflect the uncertainty surrounding the SEC's decision on Fidelity’s Solana ETF proposal. The SEC has introduced a new framework aimed at streamlining future crypto ETF approvals, which could potentially impact the timeline and outcome of the current proposals.

Solana continues to demonstrate strong performance in network revenue, outpacing rival blockchains. According to SolanaFloor, the protocol led all layer-1 and layer-2 chains in the second quarter of 2025 for the third consecutive quarter, earning over $271 million. This revenue significantly outpaces that of TRON, another major blockchain platform, by more than $100 million. The sustained leadership in network revenue underscores Solana's robust ecosystem and growing adoption.

The broader investor sentiment around Solana remains cautiously optimistic. With user activity reaching all-time highs and speculation around ETF approvals intensifying, there is potential for SOL to experience renewed upside. This positive outlook is contingent on regulatory clarity and the expansion of institutional access, which could be facilitated through the approval of a Solana ETF. As the regulatory landscape evolves, Solana's position as a leading blockchain platform is likely to be further solidified, driving continued growth and innovation within its ecosystem.