Solana Hits Record 14.6M Active Addresses Amid Growing ETF Speculation
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.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
