Solana Breaks $190 as Market Cap Surpasses Intel, Network Activity Soars

Key Insights:

• Solana’s market cap tops $100B, overtaking Intel’s valuation
• Futures open interest hits record $9.52B as options volume jumps over 478%
• Launchpads generate $23B in trading volume, driving over one-third of Solana’s app revenue

Solana’s native token $SOL surged to $190.97, marking a 5.7% daily gain and the first reclaim of $190 in 155 days. This rally pushed Solana’s market capitalization above $102 billion, surpassing Intel’s market cap for the first time. CoinGecko data confirmed the price rose within a 24-hour range of $179.07 to $191.52.

Open interest in Solana futures reached an all-time high of $9.52 billion, signaling strong institutional participation. Derivatives data from Coinglass shows a 55.79% volume increase to $25.04 billion, along with a 478.22% surge in options volume. At the same time, liquidation charts show that short positions lost $11.18 million over 24 hours, while long positions lost just $4.48 million.

Binance and OKX data reflected a strong long bias, as Binance’s long/short account ratio exceeded 2.3. Top traders maintained an even stronger long stance, with positions nearing a 2.7 ratio. These ratios suggest bullish sentiment, while rising open interest and trading volume point to sustained upward momentum.

Launchpads Boost Ecosystem Revenue and Token Activity

According to SolanaFloor and Blockworks, launchpads drove $23 billion in trading volume over the past 30 days. This activity accounted for 36.1% of all application-generated revenue on Solana, with daily launchpad token volume ranging between $460 million and $1.3 billion. Between 163 and 519 tokens launched daily across platforms like Pump.fun and LetsBonk.fun.

Combined, these platforms generated over $44 million in monthly revenue, often outperforming major protocols such as Jupiter and Raydium. Axiom alone processed $2.1 billion in launchpad-related bonding volume and achieved $100 million in revenue within 129 days. Launchpad-related trading significantly elevated Solana DEX activity and helped sustain engagement across the network.

Meanwhile, Solana led all L1 and L2 chains in network revenue for the 17th consecutive week, collecting over $23.3 million in fees. Ethereum followed with $19 million, while Tron and Bitcoin lagged at $14.1 million and $3.9 million respectively. This consistent lead reflects Solana’s expanding utility and high-frequency transaction throughput.

Finally, memecoins remain a driver of cultural engagement as $PENGU surpassed $TRUMP to become the second-largest Solana-based memecoin by market cap. $PENGU reached $2.32 billion, narrowly overtaking $TRUMP at $2.30 billion, showcasing Solana’s dynamic memecoin sector.