Source: BTX Capital

Bitcoin and Ethereum have always dominated the market in the digital asset field, but Solana is rapidly rising, attracting the attention of a large number of investors and developers. With innovative technologies and strong market demand, Solana is becoming an emerging force in the blockchain industry. This article will analyze Solana's market performance during the 2023-2025 period to provide investors with prospects.

Implemented Market Value: A valuation indicator. Implemented Market Value is an indicator to measure the cumulative net capital flows since the project was launched, reflecting the actual capital inflows in the market.

Dynamic market value has been realized: a valuation indicator, dynamic market value has been realized mainly in two aspects of digital assets. First, hold active accounts of the digital assets within 7 days, and second, new markets The scale of demand.

From January 2023, mainstream assets BTC, ETH, and SOL have all had large inflows of net assets, among which Bitcoin still ranks first in terms of inflows of net assets. However, among mainstream assets, Solana has made it one of the fastest growing digital assets in terms of currency price performance and ecological growth rate.

The following figure shows the realized Cap heat map of mainstream assets since January 2023:

Bit Coin: The market value of 843 billion was increased by 121% from the beginning of 381 billion.

Ethereum: The market value of 256 billion was increased by 45% from the beginning of 176 billion.

Solana: The market value of 83 billion was achieved, an increase of 295% from the beginning of 21 billion.

Bitcoin still dominates the heat map distribution, and Solana's growth performance is very impressive in terms of growth rate.

Dynamic Realized Market Value is an evaluation indicator used to evaluate the needs of new funds and new retail investors in the market. The following figure compares the dynamics of Bitcoin, Ethereum, and Solana that have achieved market value:

Bitcoin reached a new high of US$100,000, and then entered Bitcoin. Holders owned 99.6 billion of holdings, which had a value of 119.91% higher than the previous cycle of 45.3 billion. Ethereum's dynamics have achieved a market value that has not created a new high compared to the previous cycle, and Solana's dynamics have achieved a market value of 15.8 billion in this cycle.

It is easy to see from the chart that the market demand for Solana and BTC has increased significantly. The demand for ETH is neutral, and the market performance is lower than that of the previous cycle. Therefore, it can be concluded that more investors tend to hold Solana and BTC, especially Solana becomes an investmentThe first choice is for those.

In this cycle, Solana surpassed Ethereum for the first time in terms of capital acquisition scale, showing its strong market demand and growing importance. Active capital inflows are the main factor driving Solana's growth and outperforming Ethereum. It can also be found that Sol/Eth (the ratio of one Sol to one Eth) has steadily increased, indicating that Sol's currency price performance is also steadily improving.

Solana's active addresses far exceeds Bitcoin and Ethereum in this cycle , Solana's daily active address is about 12.3M, Bitcoin's daily active address is about 760k, and Ethereum's daily active address is about 501k. Data shows that Solana has 16 times more daily active addresses than Bitcoin and 24.6 times more than Ethereum.

Transaction fees rise: Solana's transaction fees have risen many times, indicating that its network demand is strong, and the sharp increase in transaction volume shows that it is more Many users have participated in the Sol ecosystem.

Solana's ecology performed exceptionally in 2023-2025, and Realized Cap's growth was impressive, even surpassing Bitcoin and Ethereum highlight their new position in the digital asset market. As retail holdings and active addresses continue to grow, Solana's market appeal is becoming stronger. In addition, strong transaction demand and continued growth in asset transfers further verified the activity and user engagement of the Solana ecosystem, showing strong growth momentum and huge development potential. Solana is not only breaking through its existing limitations, but also quickly becoming a core force that cannot be ignored in the future blockchain track.