Bitcoin could have $80,000 brokenbut Solana steals the spotlight. SOL, the blockchain’s native token, has surged more than 23% over the past week, with much of that increase coming in the last 24 hours. The token recently crossed $100 for the first time since February and is now trading at $107. after to the crypto analysis platform CoinGecko.
Solana’s price surge coincided with record-breaking trading volume for the Solana exchange-traded funds. On Tuesday, Solana reported that its ETFs’ cumulative inflows reached a record $1.2 billion, with nearly $34 million coming in on Monday alone. It was the biggest single day so far this year and capped five consecutive days of inflows.
The total value of stablecoins on Solana approached According to data aggregator DefiLlama, the amount stood at $16 billion as of Thursday, giving investors more readily available dollar-backed liquidity on the network.
These gains came during a more favorable period for the crypto markets. Last week, the Treasury Department announced a series of bond buybacks Investors interpreted as a sign that more cash could be circulating through financial markets. The upswing marked a sharp turnaround from that Crypto downturn that started last October. When investors expect more liquidity, they tend to take on more risk by investing in speculative assets like cryptocurrencies.
Bitcoin rose first, buoying the broader market, but Solana has outperformed many other altcoins, a collective term for tokens other than Bitcoin.
“$SOL is moving higher here, but as you can see, the bear market lasted a year and we haven’t even recovered 20% of it yet. A great time is ahead.” wrote Crypto analyst Michael van de Poppe.
In addition to price, Solana also benefited from signs of growing network activity. Bitcoin’s appeal rests largely on its fixed-supply and store-of-value narrative, while Solana’s case hinges more on its ability to support fast, low-cost trading and other decentralized finance applications. According to DefiLlama, Solana decentralized exchanges have handled almost everything 56 billion dollars We have transacted more than $10 billion in the last 30 days and have transacted more than $10 billion so far this week.
Some of this activity came from Memecoin tradingwhich has increased significantly in the last few weeks. The low transaction costs of Solana and Pump.fun, a popular token launch platform, have made it a popular place for traders to quickly buy and sell such highly speculative tokens. However, volume can disappear just as quickly as it arrives and is not necessarily a sign of lasting demand.
Still, the numbers don’t show that investors are largely abandoning Bitcoin in favor of Solana. US spot Bitcoin ETFs more than rose 232 million dollars According to crypto analytics platform CoinGlass, the company recorded net inflows on Thursday, recording a daily trading volume of $8 billion.