Solana’s Meteoric Rise: A Blockchain Powerhouse Surpassing $70 bn Market Cap
Solana’s Meteoric Rise: A Blockchain Powerhouse Surpassing $70 bn Market Cap The crypto market may be moving sideways these days, but there’s one coin that has been consistently registering gains over the past week – we’re talking about Solana, the blockchain famously referred to as the “Ethereum killer,” and its coin SOL.
Currently ranked 6th, the price of SOL stands at $138, with a market cap of $70.76 billion. Over the past 7 days, SOL has risen by approximately 5%. Solana’s trading volume surged by 130%, reflecting growing investor interest. The number of active wallets on Solana jumped from 1 million to 3 million in just a few days.
On March 24th, Solana’s trading volume spiked by 130.42%, reaching $3.33 billion, and its open interest also rose by 11%, reaching $5.25 billion. With such an increase in traction and activity, Solana’s active wallets grew from 1 million to 3 million between March 20th and March 23rd.
So, what are the key reasons driving this surge in Solana’s popularity? Here are some of the major factors:
- Fidelity Filed for Spot Solana ETF on Cboe Exchange
- Fidelity Files for Solana Fund in Delaware, Signaling ETF Ambitions
- BlackRock’s BUIDL Expands to Solana
- 21Shares Introduced SoL ETP on Nasdaq Stockholm
- Polymarket Bridged to Solana
- Raydium to Launch New Token Launchpad LaunchLab, RAY Soared 12%
- Pump.fun’s New DEX Reaches $1 Billion Volume a Week After Launch
- Volatility Shares Launched Solana Futures ETFs
Cboe is currently seeking SEC approval to list Fidelity’s Spot Solana ETF. Prior to this, on March 20, 2025, Fidelity registered the Fidelity Solana Fund in Delaware. Several major asset managers, including Grayscale, Franklin Templeton, and VanEck, have also filed ETF applications for Solana.
BlackRock’s $1.9 billion fund has now integrated with Solana’s network. In March 2024, BlackRock’s BUIDL tokenized money market fund launched on Ethereum, and now it’s expanding to Solana, Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
21Shares recently listed new crypto ETFs on Nasdaq Stockholm to expand its footprint in Europe. These include Bitcoin Core, Solana Staking, and XRP ETP, targeting both retail and institutional investors.
Polymarket, the world’s largest prediction market, has now integrated with Solana, allowing users to directly deposit SOL from the Solana network. This integration has boosted Solana’s utility in prediction markets, with a 7% increase in the price of SOL following the announcement.
Raydium, one of Solana’s biggest DEX platforms, unveiled a new token launch pad called LaunchLab, which is set to compete with Pump.fun. This announcement caused the RAY token to soar by 12%.
Furthermore, Pump.fun launched its own decentralized exchange, PumpSwap, which achieved $1 billion in trading volume within a week of its release.
Volatility Shares has launched two Solana futures ETFs: Volatility Shares Solana ETF (SOLZ) and Volatility Shares 2X Solana ETF (SOLT), providing new investment opportunities in the U.S. market.
Solana’s blockchain is highly scalable and one of the fastest in the industry, capable of processing 65,000 transactions per second (TPS). This allows it to handle 3,000-4,000 transactions per second daily with low fees of around $0.001. In comparison, blockchains like XRP and Ethereum process only 1,500 and 15-20 transactions per second, respectively.
With a total value locked (TVL) of $7.149 billion, Solana is positioning itself as a leading DeFi blockchain. Its top protocols include Jito, Jupiter, and Kamino:
- Jito: Provides a liquid staking solution with a TVL of $2.339 billion.
- Jupiter: A swap aggregation engine with a TVL of $2.117 billion.
- Kamino: A decentralized finance protocol with a TVL of $1.936 billion.
Analysts predict that Solana’s price could soar to $295 by 2025 due to its strong market performance.
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