Solana has made a notable comeback from June lows, reclaiming a market capitalization of approximately $104 billion. $SOL now trades at $197, having posted a 9.2% gain over the past 24 hours. This sharp recovery comes on the back of broader market strength, with altcoins outpacing Bitcoin as the dominant narrative driving crypto gains.
CoinMarketCap data shows that Bitcoin's dominance rate has declined over the past week, now sitting just under 60%. The slide reflects an increasing investor appetite for altcoins, particularly Solana-based assets, amid BTC’s consolidation just below $120,000.
Which Solana Ecosystem Tokens Performed Best?
A group of tokens in the Solana ecosystem have stood out during the market bounce. Among the memecoins and DeFi-native assets, these tokens in particular have recorded impressive gains:
-
$PENGU surged 22.1% in the past 24 hours and 36.2% over the past week. This strong performance propelled it past $TRUMP to become the second-largest memecoin on Solana by market capitalization.
-
$BONK gained 6.2% over the last 24 hours and 36.7% over the week, reaffirming its place as a memecoin mainstay. Much of this momentum can be traced to the rapid growth of letsBONK.fun, which, for the second consecutive week, has outperformed all other memecoin launchpads combined, including pump.fun, in key metrics such as weekly revenue, token launches, trading volume, and token graduations.
-
$TRUMP, launched on Solana three days before President Trump’s inauguration, rose 11.8% on the day and 23.2% for the week.
-
$JUP, the governance token of Jupiter Exchange, climbed 13.6% in 24 hours and 26.0% over the week.
-
Raydium’s $RAY advanced 11.7% in the last 24 hours and 18.2% on the weekly time frame.
-
$DRIFT, the governance token of Drift Protocol, rose 35.4% in 24 hours and 46.9% over the week on the back of the platform experiencing all-time high trading volumes.
These figures suggest that market participants are rotating into Solana-native tokens, particularly in speculative sectors, as overall risk appetite grows.
DEXs Outpace CEXs in Liquidation Volume
A notable trend during periods of high market activity has been the shift in liquidation activity from centralized exchanges (CEXs) to decentralized exchanges (DEXs). Solana-based perpetual trading platforms have processed more $SOL liquidations onchain than all CEXs combined.
In the past 24 hours, DEXs recorded $20.5 million in liquidations, surpassing the $16.1 million registered on CEXs. This marks a 44% increase in DEX-driven liquidations compared to the previous week. This can be attributed to the growth in onchain perpetual trading and Solana’s lower transaction fees, which have made it attractive for leveraged speculation during volatile conditions.
Solana DeFi and Institutional Interest on the Rise
Solana’s DeFi ecosystem is gaining momentum. Total value locked (TVL) in Solana DeFi protocols has reached $10.26 billion, primarily driven by the price appreciation of $SOL. Jito, Jupiter, and Kamino remain the top protocols, with TVLs of $3.09 billion, $2.90 billion, and $2.89 billion, respectively.
The newly launched REX-Osprey SOL + Staking ETF (SSK) recently surpassed $100 million in assets, reflecting growing institutional interest in Solana.
Last week alone, Solana-based investment products attracted $39.1 million in inflows. According to a report shared by CoinShares, these flows contributed to a broader record of $4.39 billion in crypto ETP inflows. Year-to-date, total inflows across all crypto ETPs have now exceeded $27 billion, pushing total assets under management to a record $220 billion.
Beyond ETPs, companies are doubling down on their Solana treasuries. Upexi, the largest Solana treasury holder by holdings, acquired an additional 100,000 $SOL for $17.7 million, bringing its total to 1.82 million $SOL worth $331 million. Acquired at a cumulative cost of $273 million, Upexi now holds $58 million in unrealized gains. Similarly, Defi Development Corp. acquired an additional 141,383 $SOL at an average price of $133, pushing its holdings to nearly 1 million $SOL. These acquisitions have provided strong tailwinds for $SOL's recent price appreciation.
Conclusion
Solana’s rebound, paired with a strong performance from ecosystem tokens and increased DEX activity, signals renewed confidence in its network. There is every reason to believe Solana is well-positioned for continued growth in the current market cycle.
Read More on SolanaFloor
Congress’s Crypto Week: What the GENIUS and CLARITY Acts Mean for Digital Assets and Solana
Quick Guide on Swapping Tokens On Solana
