Risk-on in Solana, even as ceasefire cools tensions

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It’s been a wild week out there, with liquidations rocking the market over the weekend and into Monday. 

While Solana volumes spiked, memecoins still held the top spot, defying expectations of a risk-off shift.

The shifting market sands came into clearer focus following the fragile ceasefire deal between Iran and Israel. The deal, unexpectedly brokered by US President Donald Trump, seems to have pulled global markets out of a nosedive.

On Solana, that détente unleashed a wave of forced liquidations, according to reporting from SolanaFloor. Over $31 million in SOL perps were wiped onchain, surpassing even CEX liquidations for the second day in a row. Onchain liquidations exceeded centralized volumes by 96%, clearing the decks for a structural rebound.

While centralized markets found their footing, Solana validator revenue continued to cool, and net staking yields held steady at 7.23%. Supply dynamics began to shift as liquid staking tokens (LSTs) crept upward again, hinting at renewed confidence in passive yield strategies.

Risk is still here. But capital is learning where it wants to live. And increasingly, that seems to be Solana.

The chain has remained the top performer across all L1s and L2s in network revenue for more than 13 weeks now. Developer activity has stayed elevated. And while SOL’s price action remains tethered to macro chop, the fundamentals are quietly diverging.

Bitcoin, meanwhile, retraced from its recent highs, briefly dipping below $100,000 for the first time since early May during the weekend selloff. However, it reclaimed key levels after the ceasefire without triggering a cascade of further liquidations. Capital appears to be rotating within crypto, not exiting it.

This week’s activity exposed a deeper rotation in how capital behaves under stress. In the face of macro risk, Solana mostly saw reallocation rather than outflows. Liquidity stayed onchain, stablecoin volume surged and perp infrastructure absorbed volatility faster than centralized markets did.

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