Key Points:
- Solana gains 5.77% and reclaims $180 for the first time since February.
- TVL jumps to $9.6B, with major DeFi protocols like Raydium and Jito surging.
- On-chain metrics and a positive funding rate point to a potential run towards $200.0.
Solana (SOL) is gaining strong upward momentum, rising 5.77% in the last 24 hours according to CoinMarketCap at the time of reporting and reclaiming the $180 level for the first time since February, despite delays in ETF approvals. Surging DeFi activity is fueling the rally.
According to DefiLlama, total value locked (TVL) increased from $7.9 billion to $9.6 billion in mid-May. Platforms leading the charge include Jito (+41%), Jupiter (+27.92%), and Raydium (+84%).
On-chain metrics such as rising transaction fees, protocol revenue, and open interest suggest growing trader and investor confidence.
With 65.1% of SOL staked and steady ecosystem growth reported by Solana Compass, SOL may soon test the $200 mark if momentum holds.
(65.1% of total supply staked)
Solana Ranks 2nd in Daily Active Users
Solana now holds 22.5% of all Layer-1 blockchain daily active users (DAU), with 3.7 million users, second only to BNB Chain. The user base has rebounded strongly since March 2025, showing increased on-chain activity and greater ecosystem engagement. These trends support Solana’s bullish price action.
Solana’s On-Chain Activity Is Heating Up
Monthly gas fees reached $2.2M, up 69%, showing greater user demand and higher transaction volume. Protocol revenue climbed to $165.3K, rising 34.9%.
These gains indicate the network is capturing and distributing more value. DEX volumes surged to $4.4 billion, up 90.5%, hitting their highest levels in months.
As fees, revenue, and DEX volumes rise, Solana’s daily token burns grew to 963.9 SOL, a 1.8% increase reflecting steady activity.
Validator cash flow rose by 28.6%, according to Artemis, due to increased SOL issuance that supports network operations. More users and transactions lead to higher fees and new SOL issuance, which increases validator cash flow.
SOL’s funding rate has remained positive since early May, reflecting strong bullish sentiment as the price holds above $180.0. A positive funding rate means that traders holding long positions (betting the price will go up) are paying a fee to those holding short positions (betting the price will go down) in order to keep their positions open.
Despite delays in SOL ETF approvals, Solana has held its ground. Strengthening fundamentals and rising user activity continue to support its upward momentum, with a potential to reach $200.0 mark.
