Intro

Something has been seriously off in the crypto market recently. There's one project outperforming everything else on almost every metric you can think of except for market cap. So, what if I told you that Salana is five times undervalued compared to Ethereum? Would you think it's opium or just hard facts? Because especially with spot Salana ETFs hitting the markets soon on the cusp being approved in the US, the setup for Salana looks absolutely explosive. So, let's talk about exactly why Solana could be the most mispriced asset right now out of the top crypto coins and why October could be a massive moment for Salana.

Why Solana Is So Undervalued

So, look, let's start off the facts because the data doesn't lie. In Q2 this year alone, Salana generated $271 million in network revenue, topping every other layer 1 and layer 2 blockchain for the third consecutive quarter. That's not just impressive, that's a dominance that you can't ignore.

It's not just revenue. In July and June, Salana matched the combined monthly active addresses of all other major layer 1 and layer 2 chains. Think about it. One network keeping pace with everyone else combined. That's crazy. As well as leading us in transactions and leading in fees captured.

Then on the stable coin front, Salana just keeps getting better and better. Since the approval of the Genius Act, Sana's stable coin supply has absolutely exploded, jumping by 40% in just three months, reaching around 13.9 billion with 3 billion added in just the last 30 days alone. Ethereum, of course, still holds the lead in absolute terms, but its growth over the same period was much lower at only 8%.

Salana is winning the growth race and that's the metric that matters for adoption and when trying to find an underpriced asset. Real world usage is continuing. Transactions are continuing. Real world assets on chain are moving more and more onto Salana.

But here's the context that makes things really striking. Salana is still early. Salana's market cap at the time of recording sits around $130 billion. Well, Ethereum comes in around 560 billion. Ethereum has 21 ETFs, 16 public companies holding Ethereum in the balance sheet. Yes, Salana leads in all metrics that actually matter for internet capital markets.

Fastest transaction speeds, most transactions for things uh like users, transactions, fees. It has the lowest cost and highest application revenue, most trading volume, most tokens issued, most USDC stable coin transfers. You put it all together and it feels obvious to me that Salana is like 5x undervalued compared to Ethereum.

Really, think about it. The adoption, the efficiency, the growing stable coin ecosystem, it's all there. It's one of the reasons why Salana is one of my biggest personal positions. Link down below, of course, is always for portfolio disclosures. The only thing missing, of course, is the institutional layer, and that is exactly what is coming next, which is exactly why Salana's network isn't just growing, it is currently evolving into something that is much more sustainable.

Solana Is Evolving From King Of Memes

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So, okay, look, back to this topic of uh a more sustainable future for Salana. The days of wild memecoin frenzies dominating DEX activity have been fading. Although Pump Fund, of course, is still very relevant. Back in late 2024 and early 2025, memecoins accounted for 60% of all Salana decentralized exchange trading volume, pushing trading volumes to nearly double Ethereums at the time.

But those days were unsustainable. Scandals, rugps, token collapses. This was the days of Libra and the Trump coin. All that kind of drove confidence down in the blockchain overall. By September 2025, meme coins had fallen to just under 30% of decks activity.

And here's where it gets exciting. Stable coins are taking center stage. SOPs between Salana and stable coins now make up 58% of the deck's volume with direct stable coin to stablecoin trades adding another 4%. This shift tells a bigger story that Salana is maturing from a more speculative playground into a network more focused on and built for real financial activity.

That's exactly the type of foundation that Wall Street is looking for, which is one of the reasons why we've seen stocks taking off in a big way over on Salana as well.

Speaking of Wall Street, Bitwise CIO Matt Hugan recently called Salana the new Wall Street, praising its speed, its throughput, and its finality is exactly what institutional investors want for stable coins and for stuff like tokenized realworld assets, which again are absolutely exploding on Salana right now.

Settlement times have dropped from 400 microseconds down to 150 microseconds, which is redonklessly fast, making that we're of course highly attractive for institutional trading, for hedging, and for ETF ready products. It's not just hype anymore. It's real adoption. Salana is making it real. And that's why Salana's undervaluation feels so wild because on basically every metric, it's winning.

Now, Ethereum may still dominate in some absolute numbers like total value locked on chain, total stable coin volume, sure, but Salana is growing faster, more efficiently, and with a foundation that's built to scale. When the broader market catches up, especially with ETFs and institutional access on the horizon, the potential upside feels absolutely massive.

Institutional Catalysts + Price Targets

But here is the part that could really, really change the game for Salana. A wave of spot ETFs are coming. The SEC has a final approval deadline for October 10th, which how this all is going to work remains to be seen because the SEC is partially shut down, but they also asked all the ETF issuers to withdraw their applications and go back through a generic listing process. It's a bit complicated. Nobody really seems to have a definitive answer. So, just keep that in mind.

Regardless, it seems like we'll be getting Salana ETFs very, very soon. Okay, so just keep that in mind. Bloomberg senior ETF analysts still give basically 100% approval odds for Salana ETFs. Poly market basically at 99% confidence of an ETF approval for Salana in the very near future. So it's no longer a case of if but when once approved institutional flows, retail access through brokerage accounts, retirement accounts, all that kind of stuff starts happening and a new layer of liquidity will hit the market.

Think about what Ethereum has achieved with its ETFs. Billions and billions of dollars of inflows have recently helped push ETH to a much long-awaited all-time high. Salana even comes with a competitive edge over Ethereum ETFs, which is staking from day one and shorter unstaking periods. Plus, we don't have $10 billion in ETF overhang from Grayscale. It'll be a much smaller impact from existing products.

It doesn't stop there. Salana CME futures launched back in March of this year and options are set for October 13th, meaning that market makers can now hedge, arbitrage, and provide tight spreads from day one, which is all very good for a healthy market. Ethereum had to build this kind of infrastructure over years, and Salana is going to be doing it in just well, a matter of months. So, this is all really good.

Now, let's talk about price. According to Bitwise's Salana report from January, Salana had at the time 7 million daily active addresses at $108 billion market cap. Now, using Met Caf's law, they modeled three 2030 scenarios: a bare case price around $2,319, a base case of around $4,26, and a bull case of $6,637 per Salana.

Even the bare case is 10x the price of salon that we see today. That's crazy. Can you hold for another 5 years? Most you probably won't be able to. Bitwise's model accounts for supply dynamics, transaction fees, and conservative adoption growth. Yet still shows massive upside for the near-term.

Matt Hugan says all the ingredients are there for an epic endofear run for Salana. The signals to watch for are actually pretty simple. Keep an eye on whether ETF inflows show steady demand once approved, whether CME futures and CME options activity are actually going to add real liquidity, and whether onchain metrics like active users, transaction fees, stable coin settlement volumes, stable coin TVL, developer growth, all that kind of stuff remain strong because it has remained super strong for a very, very long time.

Okay? Whether RWAs keep growing on chain, stuff like this, right? And of course, if we see digital asset treasury companies continuing to buy, which they have been continuing, if all of these indicators keep moving in the right direction, the case for Salana to outperform Ethereum becomes a lot more convincing.

With a smaller market cap than BTC or ETH, it won't take billions and billions of fresh inflows to move the price dramatically. Salana right now is performing a major cup and handle pattern on monthly chart 2. With the 1.618 Fibonacci level currently sitting around $425.

Short-term targets are 242, 252, 254, and 262 with a move above 245 opening the path towards the previous all-time high at 293. But 425, let's say approximately that region, 425 to 450 remains the key target for the end of the year.

Okay, once you break over the previous all-time high, the sky is the limit though, so you better be prepared.

Thanks for watching. I'll see you in the next one.