Solana on-chain activity and transaction volume remain high, but the cash flow generated by the network is being siphoned into validator earnings, MEV, and other channels. This causes the liquidity support of $SOL to detach from purely interaction-based scale and instead shift toward how efficiently real economic value is absorbed by net token supply. Only when fee burn and staking demand are sufficient to absorb newly issued tokens will spot buy pressure form a solid liquidity base. If application-layer revenues continue to leak outward and fail to flow back to tokens, the valuation center of gravity may lag behind the ecosystem’s prosperity. The next focus is to monitor REV conversion and the net supply curve.