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Solana’s network is still showing meaningful use despite weak SOL performance. Fidelity Digital Assets reports recurring stablecoin volume above $5 billion and an approximately 8% increase in 30-day average transfer value during Q1 2026. Those indicators support a resilient-usage thesis, not a guaranteed price recovery: Fidelity’s Q3 2026 analysis still places SOL in loss territory and calls for continued monitoring of market health, profitability and investor positioning.
What Fidelity’s latest assessment says
Fidelity Digital Assets separates two questions that are often blended together in crypto coverage: Is the network advancing against its underlying purpose, and are market conditions currently favorable for the token? Its Signals Reports apply this distinction to Bitcoin, Ethereum and Solana.
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On the network-use side, Solana’s activity has held up during a broad decline in asset prices. Fidelity says the blockchain consistently processes more than $5 billion in stablecoin volume. Stablecoins are digital tokens designed to track currencies such as the U.S. dollar, so their transfers can indicate settlement, trading and payments activity even when speculative token prices are falling.
Fidelity also reports that Solana’s 30-day average transfer value rose about 8% in Q1 2026, from $6.7 billion to $7.2 billion. The figure is an average transfer-value measure for that quarter, not a forecast and not a claim that every form of usage grew at the same rate.
Why strong usage has not translated into a bullish SOL verdict
Network activity and token returns can diverge. A blockchain may process large transfers while its native asset loses value because market participants are reducing risk, taking profits, facing macroeconomic pressure or withdrawing from crypto investment products.
Fidelity’s Q3 2026 report says Bitcoin remains the market’s primary source of resilience, while ETH and SOL remain in loss territory. It also describes digital assets as below recent highs amid spot exchange-traded-product outflows and macroeconomic uncertainty. In that context, Solana’s usage data is a sign that the network has utility, but it does not establish that SOL is undervalued or about to appreciate.
The Fidelity Digital Assets Research team summarized the tension this way: “While price action remains challenged, network activity, adoption trends, and investor positioning tell a more complex story.”
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How to read the evidence
| Area | Reported signal | What it supports | What it does not prove |
|---|---|---|---|
| Stablecoin activity | More than $5 billion in recurring Solana stablecoin volume | Continued demand for transfers and settlement on the network, including during a major asset-price downturn | That all activity is organic, diversified or profitable for SOL holders |
| Transfer value | 30-day average increased about 8%, from $6.7 billion to $7.2 billion in Q1 2026 | Higher average value moved across the network during that quarter | A permanent growth trend or equivalent growth in users, fees or token price |
| Market performance | SOL remains in loss territory in Fidelity’s Q3 2026 assessment | Material downside and profitability risk for investors | That network fundamentals are deteriorating at the same pace as price |
| Investor context | Digital assets remain below recent highs, with spot ETP outflows and macroeconomic uncertainty | A reason to treat momentum and positioning cautiously | A precise timing signal for a rebound |
What to monitor next
Stablecoin flows and breadth
Watch whether stablecoin volume remains above the reported $5 billion level over multiple periods, and whether activity broadens beyond a single use case. A durable signal would combine sustained flows with evidence of varied applications rather than a short-lived burst in one category.
Transfer value and adoption
Track the 30-day average transfer value after Q1’s move from $6.7 billion to $7.2 billion. The key question is whether the increase persists, accelerates or reverses. Pair transfer-value data with adoption measures when available; a larger dollar value can result from high-value transfers without a comparable increase in everyday users.
Profitability, momentum and valuation
Fidelity’s framework treats market health as a separate set of signals covering regime, momentum, valuation and forward-return context. For SOL, improvement in those measures would be needed to complement resilient usage. Until then, strong activity and weak market performance should be treated as simultaneous facts.
Investor positioning
Positioning can change independently of on-chain activity. Continued spot ETP outflows or defensive positioning would indicate that market participants remain cautious even if Solana’s network metrics stay firm.
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The evidence supports a balanced conclusion: Solana is still being used at substantial scale, and its stablecoin and transfer-value indicators have shown resilience through a difficult market period. That is relevant to the network’s longer-term value proposition. It is not, by itself, an investment signal.
Readers evaluating Solana should keep two scorecards. The first measures thesis execution: sustained activity, adoption and evidence that a high-throughput network is serving real demand. The second measures near-term market health: SOL’s profitability, momentum, valuation and investor positioning. Fidelity’s current assessment is stronger on the first scorecard than the second, which is why it describes resilience alongside a need for continued observation.
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