Key Takeaways
Solana has settled Bullish’s $1.15 billion IPO entirely in stablecoins. Is SOL finally ready for its Wall Street moment?
From a technical standpoint, Solana [SOL] is lagging Ethereum [ETH] on monthly returns, clocking just 5% versus ETH’s 15%. On-chain, however, SOL is hitting notable operational milestones.
The network recently achieved a 100k TPS throughput, highlighting its first verified peak. But more significantly, Solana processed Bullish’s $1.15 billion IPO entirely via stablecoins.
Why does this matter? Bullish, a US-based crypto exchange, raised $1.15 billion in stablecoins, and Solana settled the entire IPO. That makes it the first L1 to handle capital-market–scale flows natively.
Source: X
In short, Solana’s throughput is pulling institutional attention.
Ordinarily, clearing a $1.15 billion stablecoin transaction is a network-level milestone, putting SOL on the radar for Wall Street–scale flows—well beyond the usual “ETF hype.”
However, the divergence between SOL’s on-chain firepower and price action is notable. Is SOL undervalued, or is capital still gravitating toward ETH, leaving Solana’s potential underappreciated?
Solana’s on-chain strength vs. market recognition
Solana’s relative strength versus Ethereum is showing clear fatigue.
On the weekly chart, the SOL/ETH ratio has slid nearly 50% since April, printing three lower lows and failing to hold rebound support. Right now, a 0.73% weekly surge marks its fourth attempt at building a base.
On-chain, the setup looks bearish. Solana’s daily active addresses are down almost 18% this week, versus Ethereum’s 4.2%, signaling a pullback in network activity and softer engagement despite SOL’s throughput chops.
Source: Artemis Terminal
Although, zooming in, SOL’s DAA has ticked up from 3.1 million to 3.6 million over the last three days, adding roughly 500k active addresses, about the same as Ethereum sees in “total” activity.
That’s a solid nod that the market isn’t ignoring Solana’s network muscle.
Pair that with the Bullish IPO clearing on-chain, and you’ve got a legit bullish signal: SOL is moving serious capital, not just chatter. As a result, its Wall Street cred is starting to look like more than just ETF hype.
