Despite a general stagnation in the broader crypto market, Solana (SOL) has demonstrated bullish momentum, surging approximately 30% against the US dollar and 20% against Ethereum over the past week. This uptick has allowed SOL to achieve its highest weekly close on the SOL/ETH trading pair. Solana also led in seven-day DEX volume, surpassing Ethereum with nearly $130 billion transacted. However, network fees have dramatically decreased by 97% since the beginning of the year, leading to a disconnect between usage and economic value for validators. Total transaction activity remains robust, with around 585 million weekly transactions. Notably, Circle has transferred an additional $250 million in USDC on Solana, emphasizing the platform's role in dollar-based settlements. The approval of multiple spot Solana ETFs in Canada adds to this positive outlook. Overall, Solana's recent performance suggests it may be positioning itself for future growth, showcasing some narrative independence from the broader market cycles, as BTC remains relatively stable around $85,000.

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