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Solana Market Cap Hits Record Above $129B as SOL Surges Past $240

6 hours ago
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Solana has set another historic milestone. The blockchain’s native token, $SOL, soared past the $240 mark today, pushing its market cap to an all-time high above $129 billion.

The surge lifted Solana past Binance Coin ($BNB) to become the fifth largest cryptocurrency by market value, according to CoinMarketCap.

The rally didn’t come without drama. Over $61 million in short positions were liquidated in the past 24 hours as SOL ripped higher, shaking out bears who bet against the token’s momentum

DeFi Boom Fuels Growth

Beyond price action, Solana’s DeFi ecosystem continues to post explosive growth. Total Value Locked (TVL) has climbed to $13.03 billion, marking a 5.6% increase in the past 24 hours.

The surge has been led by three protocols dominating Solana’s DeFi scene:

  •  Jupiter Exchange: $3.62B TVL (+23.5% MoM)
  •  Jito: $3.56B (+15.1% MoM)
  •  Kamino Finance: $3.37B (+6.1% MoM)

Daily volumes have also been roaring. Solana decentralized exchanges (DEXs) processed $4.43B in trades in the past 24 hours, while daily active addresses held firm at 2.59M

Futures Market Heats Up

Demand for Solana is also spilling into derivatives. CME futures open interest surged to $1.87 billion today, climbing 25.5% in just three days from $1.49B on September 9.

This spike comes as traders bet on a potential Solana spot ETF approval in October. The move also reflects growing treasury accumulation of SOL, further tightening supply.

Solana Apps Outpace Ethereum

In a surprising twist, Solana apps are now generating more than double the revenue of Ethereum apps. Over the past 30 days, $SOL-based apps brought in $207 million, compared to just $90 million on Ethereum

This revenue gap highlights Solana’s rising dominance in real usage, not just speculation.

Galaxy Digital Bets Big

One of the strongest signals of institutional conviction came from Galaxy Digital. In the past 24 hours, Galaxy accumulated 1.81M SOL worth $432M, reportedly for Forward Industries’ $1.65B Solana treasury.

So far, only 26% of the funds raised have been deployed, leaving 74% still on the sidelines. That means hundreds of millions more in buy pressure may soon hit the market.

Galaxy Digital has purchased a total of $510 million in SOL this week alone

Novogratz Sees Billions Flowing In

Galaxy Digital CEO Mike Novogratz is publicly bullish. Speaking on CNBC’s Squawk Box, he said billions in inflows are headed to Solana.

Novogratz pointed out the vast gap between crypto and global wealth. While crypto’s market cap sits at $4 trillion, the global wealth market is worth $400 trillion. The Galaxy boss believes traditional investors will channel capital into crypto, with Solana as a prime entry point.

He cited several key drivers of this trend:

  • Forward Industries’ $1.65B Solana treasury initiative
  • The imminent launch of SOL ETFs
  • Dan Morehead’s new $1.25B Solana treasury company

For context, Forward Industries, a Nasdaq-listed company, raised $1.65 billion in August to accumulate SOL as a treasury asset. Galaxy Digital has been executing the buys on their behalf.

Meanwhile, Pantera Capital’s Dan Morehead is reportedly raising $1.25B for a new Solana-focused treasury, adding another institutional layer of demand.

Spot ETFs Around the Corner

The momentum could soon accelerate with the launch of Solana ETFs. Multiple applications are pending with the SEC, including filings from VanEck, Grayscale, Canary, and Bitwise.

Proponents expect the first approvals as soon as next month, aligning with the SEC’s final decision deadlines. If greenlit, these ETFs would open the door for traditional investors to gain regulated exposure to Solana, and potentially unlock billions in inflows.

With a fresh all-time high, explosive DeFi growth, record futures demand, and heavyweight institutions pouring in, Solana is entering a new era.

The mix of on-chain traction, treasury accumulation, and pending ETF approvals positions Solana as one of the strongest plays in crypto right now. If Novogratz’s prediction holds, the billions set to flow into Solana could cement its place as a long-term leader in the digital asset space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/solana-market-cap-hits-record-above-129b-as-sol-surges-past-240/