Solana's price is quoted at US$108.88, with 1.88 million active addresses: strong performance on th

Solana price analysis on October 9: Chain activity hit a 13-month high, but capital outflows caused market divisions.

On Friday night, Solana (SOL) price was US$108.88, down 5.5% from Thursday's quoted price of US$115.23. Within a week, the asset fell 8.1%. At the same time, online data showed that Solana's network had 1.88 million unique active addresses on Friday, the highest level in 13 months. This phenomenon reveals the current market contradiction: utilization is rising, but funds are flowing out.

How German investors should interpret this situation depends on three key factors: the robustness of address data, the actual withdrawal size of U.S. spot funds in October, and key points that support or break prices in the coming days. This article will analyze these factors in turn.

Solana Price Profile: US$108.88 vs. 8.1% Weekly Decline

As of October 9, SOL was quoted at US$108.88 (approximately 97.19 euros). The highest price of the day was US$111.76, the lowest price was US$108.42, and the intra-day change was-0.7%. The market value is approximately US$64 billion, ranking seventh; transaction volume in the past 24 hours reached US$3.03 billion.

Judging from monthly performance, the situation is better than weekly performance. In the past 30 days, SOL still recorded a 5.1% increase. However, compared with the historical high of US$293.31 on January 19, 2025, the current price has retreated 62.9%. As a result, September buyers are currently profitable, while Monday entrants are losing money. This spread explains why market sentiment in the forum is so divided.

1.88 million active addresses: The meaning and limitations of the 13-month record

This data was derived from SolanaFloor and Blockworks analytical dashboards and was reported on October 9. The so-called "unique active address" refers to the account address where at least one transaction is sent or received on the same day. It should be noted that an address is not the same as a person. A person can control ten addresses, while a transaction robot can generate hundreds of addresses.

In addition, there is a larger piece of data that is widely circulated. Data from analytics service provider Sanitation shows that there are approximately 4.27 million daily active addresses, an increase of 58%, and points out that the network has grown by 124% since early September, with approximately 1.71 million new wallets added every day. These two values coexist because they come from different trackers with different filters applied. Simply adding or comparing the two makes no sense, so this article lists both without any modification.

What is more robust than simply address counting are two auxiliary indicators in the same report: the number of wallets with balances (i.e., funds wallets) increased by 38.5% month-on-month to 16.1 million; in September, more than 8,400 programs were active on Solana's network, a record high. On Solana,"programs" are equivalent to smart contracts on Ethereum. Forging this data is more difficult than transaction counts.

Four consecutive days of outflows: U.S. spot ETF losses in October

Despite the increase in chain activity, funds are being withdrawn. The U.S. SOL Spot ETF recorded a net outflow of US$3.5 million on October 8, which was the fourth consecutive trading day to show negative values; the cumulative net outflow over five trading days reached US$19.9 million. The specific data for the previous few days were US$5.91 million on October 1, US$3.68 million on October 6, and US$4.8 million on October 7. As of now, the total outflow in October is estimated by several analysts to exceed US$22 million.

Regarding the cumulative inflow since the product was launched, the data sources are different: one party gave US$1.578 billion, and the other party gave US$1.590 billion. The difference of about $12 million has little impact on the overall picture, but for accuracy reasons, it is presented here in the form of ranges.

How ETF outflows affect prices: An analysis of the three-step mechanism

Many readers understand headlines, but are not clear about the mechanism behind them. The process is as follows: If an investor sells shares of a spot ETF and cannot find a buyer in the market, an authorized participant (AP) will redeem those shares from the issuer. The issuer handed over the previously managed SOL and sold it on the market. At this time, the outflow pressure is truly transmitted to the price level.

The key is scale. The daily outflow of US$3.5 million, calculated at US$108.88 per unit, is approximately 32,000 SOLs. In comparison, this accounted for only about 0.12% of the average daily trading volume of US$3.03 billion. Direct selling pressure is actually very small. The main impact is the signaling effect: institutional addresses are retreating, and other market participants see it as an indicator of direction. If you need to track the flow of funds for German products, you need to pay attention to the differences between ETFs, ETNs and ETPs.

Yesterday's News: Falling from US$115.23 to US$108.88, Samsung reported no good.

The news focus on Thursday was Samsung's introduction of USDC payment functionality to 82 million Galaxy devices at the time, which was US$115.23. SOL has since fallen $6.35. The previously noted support level of $114.42 has fallen below, and the upper resistance level of $118.96 has not been touched.

This is an enlightening case. Samsung News concerns USDC transaction volume, not SOL's own needs. This distinction was mentioned in yesterday's article and was verified within a day. As long as on-chain usage cannot be converted into fees or token demand, reporting on chain usage does not constitute a reason to buy tokens.

Securitize tokenizes 12 U.S. stocks to Solana: One of the drivers of address growth

On October 8, provider Securitize launched its tokenized U.S. stock products on Solana, including 12 companies including Apple, Microsoft, Nvidia, Alphabet, Tesla and Amazon. Each token is backed one-on-one by real shares, and the settlement currency is USDC. Legally, these tokens are "securities interests" under Article 8 of the U.S. Uniform Commercial Code. Dividends and voting rights are passed on and will not become registered shareholders unless the holder changes identity.

This makes sense for address counting because every position is held on-chain and every transaction generates on-chain activity. But for German investors, the key point is that Securitize lists the United States, the European Union and other allowed jurisdictions, but does not specify the scope of qualified investors. Therefore, it is uncertain whether German users can obtain access rights. This issue should be clarified with the provider before forming expectations for the product rather than relying on press releases.

stablecoins in Solana: US$15 billion market cap and 888,000 daily active addresses

The fastest-growing part of the network is in the payments space. Currently, more than 14 million addresses on Solana hold stablecoins, with a total market value of more than US$15 billion. In September, an average of 888,000 addresses traded stablecoins every day, a year-on-year increase of 269%.

These data explain the record address more than any price fluctuations. It also explains why prices have not increased with it: Transferring USDC on Solana requires only a few cents in transaction fees as SOL. The chain benefits from traffic, while the tokens themselves benefit little.

Key points in the coming days

下行方面，第一支撑区位于今日日内低点108.42美元，略低于当前价格。下方为约107.11美元的50日均线；市场观察人士指出下一个较大支撑位在104.40美元。200日均线位于86.45美元，远低于当前水平，本周不构成主要考量。

上行方面，需关注日内高点111.76美元，以及昨日被跌破的114.42美元水平。115美元区域在一天内从支撑变为阻力，显示出当前订单簿的深度非常薄弱。

我们的评估：使用率无法在资金反向流动时支撑价格

在本编辑部看来，地址创新高是网络状况良好的迹象，而非代币的买入信号。证据如下：188万活跃地址创13个月新高，与此同时美国现货基金在十月流出超2200万美元，价格在七天内下跌8.1%。使用率的最大驱动力是稳定币流量，每笔交易仅产生几分钱的费用。

反之，时间维度也很重要。网络效应以季度为单位显现，而资金流动以天为单位变化。长期投资者会更看重1610万个资金钱包和8400个活跃程序，而非四个红色的资金流出日。本文仅为局势评估，非买卖决策，任何加密资产投资均存在全额损失的风险。

购买途径、托管与质押：今日可核查事项

购买途径：As the MiCA regulations come into full effect in the European Union, service providers need to hold a cryptocurrency service provider authorization. Before purchasing, please check whether the provider holds the authorization and in which Member State it is issued. Pay attention to bid-ask spreads, not just declaration fees.

Custody: The holding period determines the custody method. Short-term positions are suitable for exchanges; long-term positions are recommended to use your own wallet to transfer the provider's default risk to yourself.

Pledge: When pledging SOL, note that the activation and deactivation phases are bound to epochs, and the balance during the period cannot be freely used. For the latest data on verifier concentration and a list of providers, please refer to the relevant comparison guidelines.

Holding period, tax exemption limit and pledged income: Tax authority expectations

According to Article 23 of the German Income Tax Law, a one-year holding period applies to private disposals: holding SOL for more than one year is sold, and the income is exempt from personal income tax. For one year, all private disposals enjoy a total tax exemption of € 1,000. Please note that the tax exemption is not a deduction: all income above 1 euro will be subject to tax.

Pledge income is regarded as other income and is taxable in the year in which it is generated regardless of whether coins are held. The price at the time of generation constitutes the tax base and is also the acquisition cost of subsequent disposal. Regular pledges will generate a large number of small income events, which need to be recorded separately. It is recommended to consult a tax professional. This article does not replace professional advice.

Summary: Solana at $108.88: Usage alone cannot support the price

Three steps that can be handled tonight:

• Check the purchase route: Confirm whether the provider holds MiCA authorization in the EU and calculate the spread cost for regular order sizes.
• Focus on key points: Downward records of US$108.42 and US$107.11, and upward records of US$111.76 and US$114.42. If US$107 falls below, the next target support level is US$104.40.
• Coordinate consideration of pledge and tax: If pledge is made, please check the lock-up period and establish an income record before the next dividend payment; relevant tools can be found in the tax tool comparison.

(As of October 9, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; please check terms with your provider before purchasing.)