Despite a steep decline from its all-time highs, Solana (SOL) is being viewed by asset manager Grayscale as a potentially attractive entry point for long-term investors. The firm cites strong on-chain fundamentals, leadership in stablecoin settlements, and a growing share in tokenized real-world assets as key bullish catalysts. Concurrent on-chain data shows SOL holders have been accumulating at a record pace this March, which historically correlates with price rallies.
Digital asset manager Grayscale sees Solana’s steep drawdown as an opportunity. The firm’s head of research, Zach Pandl, stated key reasons to consider the asset include strong fundamentals, stablecoin growth, and a diverse on-chain economy.
SOL is down approximately 65% from its October 2025 high and 70% from its 2024 peak. The altcoin has recently been consolidating within a price range between the low $70s and mid-$90s.
In 2025, Solana led major blockchains in generated fees, user activity, and total transactions. Its network also settled $650 billion in stablecoin transfers in February, outpacing competitors like Ethereum and Tron.
Solana is also a major player in the growing tokenized stock market. Data shows it is the second-largest blockchain for this sector, hosting $275 million worth of tokenized stocks for a 27% market share.
The network’s decentralized finance (DeFi) and decentralized physical infrastructure (DePIN) sectors are also reported to be thriving. This broad on-chain activity could increase demand for SOL as a settlement asset.
On-chain metrics suggest accumulation by long-term holders has reached a new monthly high. The Holder Net Position Change metric registered net accumulation of 1.15 million SOL tokens in March.
Historically, strong periods of holder accumulation, marked by green bars on this metric, have correlated with SOL price rallies. Conversely, sell-off periods marked by red bars have aligned with price declines or consolidation.
