SOL Performance In September Shows Strength Despite Market Volatility
In September 2025, Solana (SOL) posted a gentle value achieve however noticed sharp volatility between the $200–$250 vary following the market’s flash crash.
Despite this, on-chain indicators akin to stablecoin provide, DEX quantity, and tokenized asset exercise continued to surge. This means that the community could also be undervalued relative to its true potential.
Strong Growth Momentum
According to the latest VanEck report, Solana recorded a modest +2% efficiency in September 2025. However, this achieve was short-lived, as the worth briefly surged to $250 earlier than dropping below $200 inside per week as a consequence of a market-wide flash crash.
From a monetary standpoint, Solana’s income fell 11% month-over-month (MoM), reflecting a basic slowdown in crypto market volatility. SOL’s personal volatility declined 16% MoM. The SOL/ETH ratio at the moment stays beneath its one-year trendline.
Price dynamics in SOL in September have been largely pushed by optimism surrounding potential SOL ETP launches and the rise of a number of new Digital Asset Treasuries (DATs) targeted on Solana. Two main DATs — Forward ($1.5 billion) and Helius ($500 million) — went dwell in the course of the month, rising institutional demand for SOL. Current estimates recommend that Solana-based DATs now maintain round 2.5% of the entire SOL provide, with extra reportedly within the pipeline.
Technical Upgrades: Alpenglow, Firedancer, and P-token
At the starting of September, Solana validators overwhelmingly (98%) voted to approve the Alpenglow upgrade. The improve goals to cut back transaction finality time from 12 seconds to 150 milliseconds and enhance validator economics, consensus stability, and general efficiency.
Meanwhile, Solana continues addressing throughput limitations tied to the utmost “compute items” per block. The community plans to extend block capability by 25% by year-end, whereas Jump’s Firedancer group has proposed SIMD-0370 to remove fastened compute-unit limits fully.
Introduce the P-token, designed to exchange the present SPL token format, to provoke a extra profound architectural shift. SPL tokens are computationally inefficient, consuming roughly 10% of Solana’s blockspace per switch. P-tokens are engineered to cut back computational demand by 95%, probably boosting transaction throughput by practically 10%.
Expanding Role in Tokenization and Stablecoins
Solana continues strengthening its place inside international finance, significantly in stablecoins and tokenized property. The community added $2 billion in stablecoins, totaling $14.3 billion. Thanks to its unmatched velocity, effectivity, and low transaction prices, Solana might additionally develop into the “stablecoin network of Wall Street.”
Additionally, Solana instructions 60% of on-chain switch volumes in tokenized shares, reflecting its rising dominance in real-world asset (RWA) tokenization.
In September, SOL additionally posted $125 billion in DEX trading volume, marking the eleventh consecutive month of outperforming Ethereum. Solana also led all blockchains in whole income and 12-month income development.
“Solana is 5x undervalued vs Ethereum,” RockawayX CEO noted.
SOL Still Lagging Behind BTC and ETH
A notable issue is whale exercise. According to Ted Pillows, a central entity that beforehand purchased $1.5 billion price of SOL, sold off 50% of its holdings inside just a few weeks, seemingly contributing to SOL’s underperformance versus BTC and ETH since their April restoration.
Although SOL stays 20% beneath its all-time high (ATH), Pillows believes that after Bitcoin and Ethereum attain their cyclical peaks, Solana will seemingly outperform each within the following market section.
When evaluated by way of community efficiency and on-chain information, Solana seems undervalued relative to its fundamentals. Yet the hole between its technical power and market valuation can solely slim when institutional capital begins to circulation in — through ETFs, enterprise stablecoins, and RWA initiatives.
Following Q3 developments, buyers ought to monitor three key components in the coming weeks: ETF approval deadlines (October 10 and 16), stablecoin inflows and DEX quantity sustainability, and whale accumulation conduct.
If these align favorably, SOL might mark the turning level towards reclaiming its ATH and positioning Solana as the following institutional star of the crypto cycle.
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