Company Grayscale Says Company Solana's On-Chain Growth Could Lift SOL Above $260

Company Grayscale argues in its latest Company Grayscale report that Company Solana has established a durable on-chain growth trajectory that could push SOL back above its prior bull-market peak of $260. The research highlights that Solana leads major chains on core usage metrics—daily users, transaction volume, and transaction fees—which the report describes as primary indicators of sustained demand.

Key on-chain metrics underline this thesis. According to Company Grayscale, Solana averages approximately 4,587 daily users and can process up to 96,200 transactions per day, delivering the highest transactions-per-second among large smart-contract platforms such as Company Ethereum, Company BNB Chain, and Company Tron. The report also notes that Solana-based apps generated roughly $148 million in app revenue in one month and produced an annualized fee run rate in excess of $5 billion, which Grayscale calls a direct measure of total demand.

DeFi and app-level performance amplify Solana's narrative. Company Raydium reportedly recorded over $1.2 trillion in volume across its ecosystem, and Company Jupiter, the leading DEX aggregator on Solana, ranks among the largest by volume industry-wide. Consumer-facing projects like Company Pump.fun attract millions of monthly active users and significant daily revenue, pointing to diverse and sticky use cases. Meanwhile, Company Helium — a decentralized physical-infrastructure project operating many hotspots — claims 1.5 million daily users and partnerships with major carriers such as Company AT&T and Company Telefonica, emphasizing a cross-sector adoption story.

From a technical perspective, Solana's architecture delivers speed and low cost. The network targets new blocks every 400 milliseconds with finality around 12–13 seconds, median daily transaction fees near $0.001, and average per-user fees often under $0.02. An upgrade called Alpenglow is expected to cut finality to roughly 100–150 milliseconds, further enhancing user experience. These latency and cost advantages, together with a distinct runtime — the Solana Virtual Machine (SVM) — create a developer and UX moat that is not trivially portable to EVM-based chains.

Developer momentum also supports the bullish case. More than 1,000 full-time developers are building on SVM, with developer growth outpacing many other smart-contract platforms according to Company Electric Capital's surveys. Grayscale's analysts compare current market pricing (circa report) to a fair-value baseline that places $260 as a conservative fair-value level given realized revenue and usage, with more optimistic industry voices such as Company VanEck and prominent analysts projecting higher targets — some even forecasting a potential move toward $520 in bullish scenarios.

Market implications and risk: While fees, UX, and developer activity indicate robust demand, investors should balance those fundamentals against broader market cycles, macro liquidity, and specific network risks such as centralization debates, past outages, and competitive pressure from EVM-compatible chains. Staking yields (around 7% for validators at the time of the report) offer additional economic incentives that can support price through on-chain security and token-locking dynamics.

Conclusion: Company Grayscale's analysis frames Solana as a leading growth-oriented Layer 1 with quantifiable, revenue-backed demand signals. For traders and longer-term investors, the $260 level represents a meaningful reference point — a prior peak that Grayscale views as a reasonable fair-value marker given current usage and fee generation. However, potential upside scenarios to $300–$520 are presented by other institutional commentators and depend on continued adoption, successful upgrades like Alpenglow, and broader market tailwinds.