Solana: 25.3 billion transactions later, is SOL still undervalued?

Solanahas posted all-time highs in volumes across the board! But has this surge translated into value for the native token?

Here’s the rundown.

Solana dominated Q1 2026

The platform was the clear leader in blockchain activity during Q1 2026, with a massive 25.3 billion transactions. The scale of that lead is massive, with BNB Chain [BNB] in second, posting a relatively meager 1.7 billion.

Source: X

TRON [TRX] also recorded 978 million, leaving Solana far ahead of every major network in the space. Even other high-activity chains such as Polygon [POL] and Aptos [APT] remained in the 700 million range, with the rest of the top 10 staying below 500 million.

Solana PreStocks volume crashes records

The ecosystem is also seeing growth in newer market segments. The daily PreStocks spot DEX volume has surged to an ATH of $28.65 million on the 11th of April; a milestone for tokenized asset activity on the network.

Much of this volume was concentrated in private pre-IPO names, with OpenAI accounting for 69%, followed by SpaceX at 12.6% and Anduril at 9.1%.

Source: X

Real-world financial activity is expanding, being routed through Solana. Coming right after its record Q1 transaction count, the spike strengthens the case.

SOL yet to confirm a breakout

Despite the aforementioned strong ecosystem metrics, the price chart says the market is still waiting for confirmation. At press time, Solana [SOL] was trading at $83.11, holding above the $83 support zone after a modest 1.93% daily gain.

Source: TradingView

However, RSI was at 47.77, keeping SOL at a neutral-to-slightly weak range rather than a clean push up. The CMF was at -0.13, so capital keeps flowing out. Buying pressure has not fully caught up with the network’s apparent fundamental growth.

In conclusion, while Solana’s activity remains strong, price action is still lagging.