According to Bitget Wallet analyst Lacie Zhang, the US spot Solana ETF saw inflows of $23.57 million on Wednesday, a four-week high, providing "strong momentum" for SOL's weak performance and potentially breaking its slump. However, CEX.IO chief analyst Illia Otychenko pointed out that demand for the ETF remains relatively small relative to SOL's market capitalization and spot trading volume, insufficient to drive a significant rise. Despite strong fundamentals—for example, nine rapidly growing companies with annual revenues exceeding $100 million are developing on the Solana platform—the network still faces greater pressure from declining trading volume and activity on decentralized exchanges (DEXs).