Solana has fallen about 71% from its 2025 peak, with Fidelity pointing to a key onchain metric suggesting a potential rebound despite ongoing price weakness.
Fidelity Digital Assets said Solana’s Net Unrealised Profit/Loss (NUPL) has dropped to -0.67, a level historically linked to a 516% median one-year return, though based on limited data.
“Importantly, the historical relationship between SOL’s NUPL score and forward returns may not persist,”
Fidelity said, cautioning that the signal may not repeat.
The metric sits in what Fidelity describes as a “Capitulation” zone, reflecting heavy unrealised losses among holders, though early signs of stabilisation have emerged.
Despite the price decline, Solana’s network activity has strengthened, with monthly active addresses rising 50% and new addresses increasing 35% during the quarter.
Following the update the Solana price was unchanged at $XX.
Fidelity said the divergence between rising usage and falling price suggests Solana may be evolving into a more sustainable financial ecosystem beyond its earlier association with memecoin trading.
At the time of reporting, Solana price was $84.63.