TLDR

• Solana earned $2.85 billion in revenue from October 2024 to September 2025, with monthly averages of $240 million driven by trading platforms and DeFi applications.
• The network’s revenue is 20-30 times higher than Ethereum at the same five-year stage, supported by 1.2-1.5 million daily active users.
• Corporate treasuries now hold $4 billion in SOL tokens across 18 companies, with Forward Industries leading at 6.822 million tokens.
• Technical analysis shows a cup and handle pattern with potential price targets at $787 and $1,314 if SOL breaks above $295 resistance.
• Multiple Solana ETF applications await SEC approval in October, with Polymarket odds at 99% for approval by year-end.

Solana posted $2.85 billion in annual revenue between October 2024 and September 2025, according to data from 21Shares. The blockchain network averaged $240 million in monthly revenue throughout the period.

January 2025 marked the highest point with $616 million in revenue. The memecoin boom, led by tokens like Official Trump, drove this surge. Monthly revenue settled between $150 million and $250 million after the initial spike cooled.

Trading platforms generated the largest share of revenue at 39%, totaling $1.12 billion. Applications like Photon and Axiom led this segment. Revenue streams also came from DeFi protocols, AI applications, decentralized exchanges, and launchpad platforms.

Solana Outpaces Ethereum’s Early Growth

The 21Shares report highlighted Solana’s performance against Ethereum’s historical data. At the five-year mark, Ethereum generated less than $10 million monthly. Solana’s current revenue is 20 to 30 times higher at a comparable stage.

Low transaction fees and network efficiency attracted between 1.2 and 1.5 million daily active addresses. This user base is approximately three times larger than Ethereum had at the same point in its lifecycle.

Solana validators collect transaction fees across multiple ecosystem sectors. These include memecoins, DePIN projects, trading tools, and decentralized finance applications.

Corporate Adoption and ETF Prospects

Public companies hold nearly $4 billion worth of SOL tokens on their balance sheets. Eighteen tracked entities combined own 17.8 million SOL tokens.

Forward Industries holds the largest position with 6.822 million SOL. Sharps Technology ranks second with 2.14 million tokens. Brera Holdings completed a rebrand to Solmate in September following a $300 million PIPE raise.

Several Solana ETF applications are pending SEC review. Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton had deadlines on Friday. The 21Shares and Bitwise applications face review dates on October 16.

The US government shutdown will likely delay final decisions. Polymarket traders place approval odds at 99% by the end of 2025.

Technical Analysis Points Higher

A cup and handle pattern appeared on Solana’s weekly price chart. Market analyst Ali identified this bullish formation as a potential precursor to upward movement.

SOL currently trades near $234. The pattern’s neckline resistance sits at $295. A confirmed break above this level could validate the technical setup.

Fibonacci extension levels project potential targets at $787 and $1,314. Support holds in the $175 to $180 range. The chart shows consistent higher lows since mid-2023, indicating sustained buyer interest.

The Solana ecosystem continues expanding through developer activity and increased adoption. Institutional interest has grown in tokenization projects, DeFi protocols, and NFT platforms built on the network. Capital flows into altcoins have improved as broader market sentiment strengthens.