Solana Surges 20% Amid Strong Fundamentals
Key Takeaways
Solana (SOL) has seen a price increase of over 20% in recent days, drawing the attention of many investors. The price climbed to around USD 130, outperforming several other high-market-cap cryptocurrencies. Notably, Solana held its ground against Ethereum (ETH) — both in terms of price ratio and DeFi (decentralized finance) revenue. However, despite these positive signals, the question remains: Is this the start of a sustainable upward trend or just a short-term recovery?
Solana’s Surge: Technical and Fundamental Strength
The recent price increase of Solana is not just a technical outlier. Several fundamental metrics support this positive development:
- The SOL/ETH price broke through a key resistance level from February.
- Solana’s DeFi revenue surpassed Ethereum’s for the first time, reaching USD 2.56 billion compared to Ethereum’s USD 2.27 billion.
- Solana’s transaction speed and network capacity remain unmatched compared to competitors.
These factors point to structural strength that goes beyond short-term market movements.
Looking Back at Q1: Has the Weak Phase Been Overcome?
In the first quarter of 2025, Solana faced significant setbacks:
- The price dropped by over 30%.
- Market capitalization fell below USD 100 billion.
- Solana slipped behind Binance Coin (BNB), ranking only sixth among the largest cryptocurrencies.
- Large amounts of SOL were unstaked, increasing supply and triggering selling pressure.
This phase was marked by market uncertainty (FUD – Fear, Uncertainty and Doubt) and dominant selling activity by large investors (“whales”). Only now are there signs of a potential trend reversal.
On-Chain Data Indicates Reaccumulation
A look at blockchain data reveals some interesting developments:
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- Total Value Locked (TVL) — capital locked in Solana DeFi protocols — reached a new April high of USD 8.54 billion.
- The “HODLer Net Position Change” metric turned positive again — more SOL is flowing into long-term wallets.
- The current accumulation phase is the longest in over six months.
These data points suggest growing confidence among long-term investors in Solana’s future. At the same time, new user activity is declining — the number of newly created wallets is at a six-month low. This indicates limited participation from retail investors.
What Does This Mean for You as an Investor?
Solana may be in a phase of structural reaccumulation. This means long-term investors are increasing their positions while short-term price movement remains sideways. Historically, such phases often precede impulse moves — but only if retail investor interest returns.
For you as an investor, this means patience is key. Those already invested should closely monitor current developments. Newcomers should be aware that short-term volatility is still likely.
Our Assessment
Solana’s recent price increase is no coincidence. The combination of technical strength, rising revenue, and growing confidence among long-term investors points to a solid foundation. However, broader public participation remains low — a crucial factor for sustainable price gains. Solana shows signs of bottoming out, but a true breakout depends on further momentum. For long-term thinkers, this presents an interesting scenario — but short-term caution is still advised.
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