Solana’s market cap climbed to an all-time high of $137 billion despite SOL trading below its peak because recent large token unlocks have already been absorbed, circulating supply expanded to ~543M SOL, and staking and on-chain adoption tightened liquid supply—supporting a higher valuation even as price lags.
Major token unlocks absorbed: key overhangs cleared
Staking and on‑chain adoption reduced liquid sell pressure.
543M circulating SOL vs. 11% still locked; market cap hit $137B.
Meta description: Solana market cap hits $137B as circulating supply expands; read why SOL valuation diverges from price and what unlocks, staking, and inflation mean. Learn more.
What is driving Solana’s market cap to an ATH despite price lagging?
Solana market cap rose to $137 billion primarily because circulating supply increased after large unlocks were absorbed, while heavy staking and rising on‑chain activity tightened tradable supply. The result: a higher reported market cap even though SOL remains ~15% below its price ATH.
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How large were the token unlocks and what effect did they have?
Major unlocks this year included an FTX-related 11.16 million SOL release that removed a material overhang. Roughly 89% of the total supply (about 543 million SOL) is now liquid, meaning most supply-side risk has been absorbed and monthly remaining unlocks average just ~12.7k SOL.
Source: Messari
Why doesn’t a higher market cap mean SOL is overvalued?
Market cap is the product of price and circulating supply. When supply expands via unlocks but net sell pressure is absorbed and staking grows, the on‑chain economics can justify a rising valuation. Solana’s orderbook remains bid‑heavy and Q3 delivered a 55% ROI, supporting the market cap increase.
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Staking recently reached a record ~410 million SOL, indicating ~67% of supply is staked. Annual inflation is around 4.279% and is designed to taper, so long-term issuance is modest. High staking reduces liquid float, intensifying any demand-driven price moves.
Assessing SOL requires evaluating circulating supply trends, staking rates, inflation schedule, and on‑chain usage metrics. With most large unlocks behind and staking at record highs, the structural setup favors reduced liquid supply, which can translate to outsized returns on renewed demand.
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