Solana's on-chain activity keeps climbing—that part's pretty clear by now. But here's what actually matters for where this thing gets valued: real-world assets integration and serious institutional use cases. That's the take from analysts who've been tracking the ecosystem. The surge in network activity is good optics, sure, but without meaningful RWA applications and genuine institutional demand driving the chain, you're really just looking at hype cycles. The institutional piece is what could separate Solana from the noise and actually move the needle on long-term valuations.