A banking settlement track has emerged on Solana: the first product from a major payments company’s digital asset platform is a USD-pegged, permissioned bank coin. The settlement layer runs on Solana, but the official line is that they first conduct a controlled pilot with four institutions—rather than having ninety banks go live collectively.
At the same time, some claim that Solana’s protocol revenue over the past 30 days has crushed Ethereum—but this figure is muddled and still needs verification.
What can be confirmed are several other things: in the third quarter, non-voting transactions totaled 8.92 billion (9000 million) and set a record high; in the next month, unlocks totaling more than $1.9 billion in tokens include SOL; and a halt in U.S. appropriations led to more than 90 frozen cryptocurrency ETF applications, with the timeline for spot SOL ETFs also paused.
On one side, the narrative of RWA and institutional settlement is being put on center stage; on the other, the ETF gate is stuck and roughly 65% of accounts are crowded into long positions. The network is busy—but that doesn’t automatically mean prices will immediately catch up. Upgraded narratives may also simply mean taking valuations in advance.
If the institutional settlement track is real, why is SOL’s price still stuck and repeatedly grinding around 120?
At the same time, some claim that Solana’s protocol revenue over the past 30 days has crushed Ethereum—but this figure is muddled and still needs verification.
What can be confirmed are several other things: in the third quarter, non-voting transactions totaled 8.92 billion (9000 million) and set a record high; in the next month, unlocks totaling more than $1.9 billion in tokens include SOL; and a halt in U.S. appropriations led to more than 90 frozen cryptocurrency ETF applications, with the timeline for spot SOL ETFs also paused.
On one side, the narrative of RWA and institutional settlement is being put on center stage; on the other, the ETF gate is stuck and roughly 65% of accounts are crowded into long positions. The network is busy—but that doesn’t automatically mean prices will immediately catch up. Upgraded narratives may also simply mean taking valuations in advance.
If the institutional settlement track is real, why is SOL’s price still stuck and repeatedly grinding around 120?