Solana (SOL) kicks off the second week of October following a September rally exceeding 14%, alongside a network upgrade that cuts its target slot time in half. Although the blockchain is generating blocks at a faster pace, recent outflows from Solana exchange-traded funds cast doubt on whether the asset can replicate last month’s upward momentum. This price test unfolds against the backdrop of a broader market correction affecting major US cryptocurrency funds.
Solana September Price Gains Coincide with Increased Activity
SOL climbed from roughly USD 103 at the beginning of September to finish the month at USD 118, marking an approximate 14.6% increase. Throughout the month, the asset also surpassed USD 120. This September performance occurred alongside a surge in blockchain activity, which included higher transaction counts and trading volumes for tokenized shares.
Data from a Token Terminal monthly series pegged September’s transaction activity at approximately 10.7 billion, representing its peak level since May 2025. In a separate report, the Solana Foundation recorded 3.18 billion finalized transactions, discounting validator votes, which marked an 8.3% rise compared to August.
Because these figures track distinct metrics of activity, they are not interchangeable. Additionally, the foundation noted a stablecoin supply of USD 17.51 billion over the same monthly period.
Tokenized Stocks Expand Solana’s Network Activity
Tokenized equities experienced growth as well. The Solana Foundation’s September review indicated that the network processed roughly USD 4.4 billion in trading volume for tokenized stocks.
Furthermore, the supply of tokenized equities reached USD 684 million, while wallets holding these stock-linked assets totaled one million. This supply metric reflects the estimated valuation of stock-backed tokens rather than direct purchases of the SOL cryptocurrency itself.
Concurrently, Solana’s decentralized exchange trading volume hit USD 78.33 billion in September, reflecting a 20% jump over August figures, per the foundation’s reports.
October Upgrade Shortens Solana Block Times
On October 9, Solana finalized a phased network upgrade that reduced its target slot time from 400 milliseconds down to 200 milliseconds. Slot time denotes the designated window for block generation. While this adjustment enables more frequent block scheduling, it does not guarantee a 200-millisecond completion time for every individual transaction, as network finality remains dependent on validators and prevailing system performance.
Network metrics from October 9–10 showed that the first complete operating cycle under the new configuration averaged 218.3 milliseconds per slot. Prior phases had progressively lowered the target to 350, 300, and 250 milliseconds. The foundation pointed out that the modification also reduces the duration that a block producer maintains control over its designated slot.
Solana ETF Outflows Complicate October Price Outlook
Despite these technical enhancements, US spot Solana exchange-traded funds saw USD 24.8 million in net outflows between October 5 and October 9. This pullback halted a 14-week streak of continuous inflows. Fund-flow records indicate that total net assets dropped from USD 1.90 billion down to USD 1.73 billion.
In other ecosystem updates, Solana revealed new payment and settlement capabilities. Samsung plans to roll out USDC transfer functionality via its Wallet application for qualified US customers later in the month.
In a separate development, the Solana Foundation unveiled a settlement utility created with feedback from J.P. Morgan designed to facilitate simultaneous exchanges of tokenized assets and payments.
On October 10, SOL changed hands near USD 110.50, remaining under its September high. Projections indicate the coin ‘could break USD 125’ in the fourth quarter, though that outcome is far from guaranteed. Accelerated block generation and newly introduced utilities do not inherently dictate future demand or enduring price trends. Ultimately, October market activity and fund flows will decide if September’s upward trajectory persists.
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