Solana's Strength Masks Caution from Traditional Investors

Solana's network activity continued to show strength despite modest gains in SOL price. According to CoinMarketCap, Solana processed about $650 million in on-chain stablecoin transfer volume in February, a record high and roughly double the previous monthly record.

This metric, combined with increasing adoption of tokenized real-world assets (RWAs), has led some analysts to say that Solana is shifting away from meme coin trading toward an on-chain economy increasingly driven by RWAs and institutional users. However, not all investors are convinced, as Solana exchange-traded funds (ETFs) posted their first net outflows since February.

Solana's price rise this week was modest compared to other major cryptocurrencies, with a 2% gain in the past week according to CoinMarketCap data. The broader Solana ecosystem market cap fell about 5% to roughly $128 billion over the same period.