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SOL price eyes a breakout as stablecoin supply and DeFi activity hit record highs on the Solana blockchain.Solana’s (SOL) bullish momentum may have paused after peaking at $156 on April 25, but fresh data from the network’s ecosystem suggests another leg up could be imminent. A confluence of technical and fundamental indicators — including a bull flag chart pattern and surging stablecoin market cap — support a potential rally toward $220.Solana Stablecoin Market Cap Hits Record $13 BillionStablecoin issuance on the Solana blockchain has soared 156% year-to-date, reaching a new all-time high of $13 billion. The majority of this growth is driven by Circle’s USDC, which commands a 77% share of Solana’s stablecoin market.Stablecoins are the backbone of decentralized finance (DeFi) on Solana, providing liquidity and fueling onchain transactions. As demand rises for these assets, SOL — the native token used for fees and staking — experiences increased utility, historically correlating with price gains.Between December 2023 and August 2024, SOL rallied 230%, alongside a 160% surge in stablecoin inflows, from $1.55 billion to over $4 billion — highlighting the impact of liquidity on price momentum.Solana TVL and DEX Volume Lead the MarketSolana has also strengthened its position as a top DeFi chain, with Total Value Locked (TVL) climbing from $6.1 billion to $7.65 billion over the past month — a 25% increase. Key DeFi applications driving this growth include:Sanctum (Liquid staking): +44% in depositsJito and Kamino: +25% TVL increaseSolana now ranks first in daily decentralized exchange (DEX) volumes, processing $2.61 billion daily — ahead of both Ethereum and BNB Chain. It currently holds a 27.7% share of all DEX volume across blockchains, cementing its dominance in trading activity.In addition, Solana’s daily transaction count has jumped 25% month-over-month, reaching 57.7 million transactions — another sign of growing network activity and adoption.Technical Chart: SOL Bull Flag Eyes $220 TargetOn the technical side, SOL has formed a bull flag pattern on the daily chart — a bullish continuation setup that typically precedes a breakout.The pattern forms during a period of downward consolidation after a strong upward move, followed by a breakout above the upper trendline. In Solana’s case, a successful breakout could send SOL price toward $220, representing a 53% gain from the current level of $145.93.Key Support and Resistance LevelsSupport zone: $120 – $130Intermediate target: $178Bull flag breakout target: $220Crypto analyst RisHad emphasized that SOL needs to hold above the $120–$130 region to maintain bullish momentum, according to Cointelegraph.TL;DR – Why Solana Could Rally to $220Stablecoin market cap hits record $13BTVL jumps 25% in one monthDEX volume leads market with 27.7% shareBull flag pattern targets $220 breakout

According to Cointelegraph, Solana's stablecoin supply has experienced a significant increase in 2025, rising by 156% to surpass $13 billion, marking a new all-time high. This surge underscores Solana's growing influence in the decentralized finance (DeFi) ecosystem, where stablecoins play a crucial role in driving liquidity and increasing demand for Solana's native token, SOL. Circle's USDC remains the preferred stablecoin for Solana users, holding a 77% market share. Historically, increased stablecoin inflows have been associated with price rallies, as evidenced by a 230% rise in SOL's price between December 2023 and August 2024, which coincided with a 160% increase in stablecoin inflows. Solana's total value locked (TVL) has also seen a notable rise, growing from $6.1 billion on April 9 to $7.65 billion by May 6, reflecting a 25% increase in less than a month. This growth positions Solana as the second-largest blockchain in terms of TVL and the leader in decentralized exchange (DEX) volumes. The network's daily transaction count has increased by 25% over the past month, reaching 57.77 million transactions. Solana commands a 27.7% market share in DEX volumes, surpassing competitors like Ethereum and BNB Chain, which hold 18% each. Positive developments include a 44% increase in deposits on Sanctum, a liquid staking application, and 25% growth on platforms like Jito and Kamino. The price of SOL has formed a bull flag pattern, a bullish chart setup that suggests potential upward movement. This pattern typically resolves when the price breaks above the upper trendline, potentially pushing SOL's price target to $220, a 53% increase from its current level. Crypto analyst RisHad notes that SOL needs to maintain support between $120 and $130 to enhance the likelihood of reaching $178 and beyond. However, it's important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.

According to BlockBeats, recent data from Nansen reveals that Solana has emerged as the leading blockchain in terms of active addresses over the past week. Solana recorded 24.215 million active addresses, significantly surpassing other blockchains. Tron followed with 5.851 million active addresses, while Base registered 5.42 million. BNB Chain and Aptos rounded out the top five with 5.243 million and 4.889 million active addresses, respectively.

According to PANews, the Solana Foundation has announced the successful resolution of a critical zero-day vulnerability affecting the confidential transfer feature on its network. Discovered on April 16, the foundation swiftly coordinated with validators to update the network, completing the fix within two days. The vulnerability was linked to the ZK proof system used for verifying confidential transfers of Token-2022 standard tokens. If exploited, attackers could theoretically forge proofs to mint unlimited amounts of specific tokens or steal them from user accounts. The Solana Foundation chose not to disclose the vulnerability until the fix was implemented to ensure security. There is currently no evidence that the vulnerability was exploited, and all user funds remain secure. The foundation also noted that while the confidential transfer feature has been available for some time, its adoption rate is currently low.

According to Foresight News, Onchain Lens has reported that four newly created wallets associated with PumpFun (@pumpdotfun) have sold 111,993 SOL tokens. The sale was conducted at a price of $150.8 per SOL, resulting in approximately $16.89 million in USDC and USDT.

According to PANews, Loopscale announced on its official Twitter account that all 5,726,725 USDC and 1,211 SOL, which were stolen on April 26, have been successfully recovered. The company assured that user deposits were not affected by the incident. The team plans to release further details regarding vault withdrawals in the near future.

Unichain, Tron, BNB Chain, and Base Follow in Top FiveAccording to the latest data from Nansen, Solana (SOL) has secured the top position in public chain activity over the past seven days, recording 26.543 million active addresses.The data highlights continued user engagement across multiple blockchains, with Unichain, Tron, BNB Chain, and Base completing the top five in terms of active address counts.Public Chain Activity Rankings (April 21–28, 2025)RankPublic ChainActive Addresses (7 Days)1Solana26.543 million2Unichain5.805 million3Tron5.47 million4BNB Chain5.236 million5Base4.752 millionAnalysisSolana continues to dominate public blockchain activity, benefiting from high transaction speeds, low costs, and increased usage in DeFi, NFTs, and gaming ecosystems.Unichain and Tron maintain competitive levels of engagement, reflecting their strong presence in stablecoin transactions and cross-border applications.BNB Chain and Base demonstrate steady adoption as part of broader ecosystem expansions tied to Binance and Ethereum Layer-2 scaling, respectively.The ranking highlights a diversified and competitive landscape among leading public chains, with Solana maintaining a substantial lead.

According to BlockBeats, data from DeFiLlama reveals that Solana's decentralized exchange (DEX) trading volume reached $19.359 billion over the past week, marking a 23.53% increase. This figure surpasses Ethereum's $12.105 billion, positioning Solana as the leading public blockchain in terms of DEX trading volume. BNB Chain follows in third place with $8.813 billion.

Nasdaq-Listed Firm Shifts Focus to Crypto After Leadership OverhaulDeFi Development Corp — formerly known as Janover — has filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission (SEC), announcing its intention to raise over $1 billion to invest in Solana (SOL) and cover general corporate expenses.The move signals a major strategic pivot by the Nasdaq-listed company, which transitioned from a real estate financing platform to a crypto-focused enterprise following a leadership change earlier this month.Solana Treasury Strategy Echoes Bitcoin Treasury ModelsAccording to the SEC filing, DeFi Development plans to use proceeds from the offering to purchase Solana tokens, aiming to accumulate a substantial on-chain treasury reserve. The company cited staking rewards and potential price appreciation as the primary motivations behind the investment strategy, although it also cautioned that volatility could result in significant valuation fluctuations."Solana does not pay interest, but staking rewards can be earned," the filing states. "The ability to generate a return... will depend on whether there is appreciation in the value of Solana."The firm’s board approved the Solana treasury policy on April 4, authorizing long-term accumulation and the establishment of Solana validators to stake treasury assets. Parker White, DeFi Development’s Chief Investment Officer and former Kraken executive, currently operates a Solana validator managing $75 million in delegated stake.The model closely mirrors the public-market treasury approach made famous by Strategy (formerly MicroStrategy), which has amassed more than 538,200 Bitcoin as of April 2025.Regulatory Risks Highlighted in SEC FilingDespite its ambitious plans, DeFi Development acknowledged significant regulatory risks tied to crypto asset investments. The company warned that unclear regulatory frameworks could impact the price of Solana and the market value of its common stock.One key concern outlined in the filing is the possibility that Solana could be reclassified as a security under U.S. law, potentially subjecting the firm to investment company regulations under the Investment Company Act of 1940."We may be subject to regulatory developments related to crypto assets, which could adversely affect our business, financial condition, and results of operations," the filing noted.Share Price Impact and Industry ReactionDeFi Development’s crypto-focused pivot has had a positive short-term impact on its share price. Following the company’s April 22 announcement that it had added $11.5 million worth of Solana to its treasury, its stock price rose by over 12%.Industry figures have praised the move. Chris Chung, founder of Solana-based platform Titan, described it as "groundbreaking" and suggested more traditional businesses may follow suit as digital assets become more widely adopted in mainstream finance, according to Cointelegraph.

According to BlockBeats, data from Solscan indicates that the circulation of USDC on the Solana blockchain has exceeded 10 billion tokens. The current reported figure stands at 10,443,337,954.43 tokens.

According to Odaily, during the 2025 Solana Crossroads Conference, panelists reached a consensus on the future reintroduction of the SIMD-228 proposal, which aims to reduce Solana's inflation rate by up to 80%. The proposal is expected to be presented in a revised form and is likely to pass. Participants in the discussion included representatives from Marinade DAO, Step Finance, and Kiln Finance, who explored the potential impacts of the proposal on Solana's token economic model and validator incentive mechanisms.

According to BlockBeats, DeFi Development Corporation, a publicly traded company on the U.S. stock market, has announced an additional purchase of 65,305 SOL tokens, valued at approximately $9.9 million. This acquisition raises the company's total SOL holdings to 317,273 tokens, with an estimated value of $48.2 million.

According to PANews, the Solana Foundation has introduced a new policy aimed at strengthening decentralization within its network. The initiative involves adjustments to the Delegation Program, where for each new validator added, three existing validators will be removed if they have been eligible for Solana Foundation delegation on the mainnet for at least 18 months and have less than 1,000 SOL staked outside of the foundation's delegation. This change is designed to reduce reliance on foundation delegation, encourage community-supported validators, and maintain a more efficient and decentralized network.

According to Odaily, Onchain Lens has reported that a whale has redeemed 49,858 SOL valued at $7.38 million after a five-month dormancy. This transaction results in a loss of $4.17 million for the whale.

SOL's Staked Value Flips ETH—But Not Everyone's ConvincedSolana briefly overtook Ethereum in terms of total staked market cap, igniting a heated debate among analysts and investors. While some viewed the milestone as a major achievement for Solana, others questioned whether the network’s staking dominance could be a long-term drawback.As of April 20, over $53.9 billion worth of SOL was staked on the Solana network, spread across more than 505,000 unique wallets, according to blockchain data. The network currently offers an annualized staking yield of 8.31% — a rate that significantly outpaces Ethereum's 2.98%.This staked value briefly edged past Ethereum’s $53.93 billion in locked ETH, despite Ethereum having more than 34.7 million staked tokens, per Beaconcha.in.Why Did Solana Overtake Ethereum in Staking Value?The flippening was driven largely by SOL's outsized price performance over the past two years. Since June 2023, the SOL/ETH price ratio has surged nearly 10x, climbing from 0.0088 to 0.0866, according to CoinGecko.Yet, not everyone sees this shift as a bullish development.High Staking Rewards May Be Hurting Solana DeFiIndustry observers argue that Solana’s generous staking yield may actually be pulling users away from DeFi, diminishing capital availability for protocols across the network.“Solana having 65% of its market cap staked means there's no other use of its token. It's actually bearish,” said JC, a developer at Builda Protocol, on X.Tushar Jain, Managing Partner at Multicoin Capital, echoed the concern, stating it’s irrational to lock funds into DeFi protocols when staking offers a higher return.“It doesn’t make sense for you to provide liquidity on a SOL/USDC AMM when that might earn you 5%, but staking earns you 7%,” he said.DeFiLlama data shows that Ethereum leads in DeFi with $50.4 billion in total value locked (TVL), compared to Solana’s $8.85 billion. In liquid staking, Ethereum again dominates, boasting $21.5 billion in liquid staked ETH versus Solana’s $7.2 billion in liquid SOL.Staking Debate: Is Solana Truly Secure?Solana’s staking model is also under fire for its lack of automatic slashing penalties — a key feature that punishes bad behavior in Ethereum’s staking architecture.“It’s ironic to call it staking when there is no slashing. What’s at stake?” said Ethereum researcher Dankrad Feist in an April 20 post. “Solana has close to zero economic security at the moment.”Solana Labs responded by stating that slashing is possible but not automatic. Punitive action against malicious validators requires a network-wide restart, a process viewed by some as impractical. CEO Anatoly Yakovenko confirmed that a more robust “correlated slashing” model is in development and expected later this year.Meanwhile, Ethereum developers are working on efforts to further decentralize staking, following concerns over Lido’s 88% market share in Ethereum’s liquid staking sector. High entry costs—32 ETH minimum to become a validator—have pushed many users toward centralized staking pools, raising concerns over the network's decentralization trajectory.

According to Cointelegraph, a Solana-based NFT initiative, Dead Bruv, is set to launch a unique project involving the sale of 100,000 non-fungible tokens (NFTs) to fund the purchase of a Cold War-era nuclear bunker located in Rutland, England. The creators of the narrative-driven NFT project, Meatbags, plan to mint these NFTs, with 10,000 being airdropped to current Meatbags holders. The remaining NFTs will be available for purchase starting April 21, priced at $14 each, as announced on the Meatbags X account.The NFT holders will gain access to a decentralized autonomous organization (DAO) named the Billionaire Bunker Club. This DAO is described as a "fully decentralized, community-governed real-world asset onchain," which will have the authority to decide the future use of the bunker if the acquisition is successful. Proposed ideas for the bunker include transforming it into a "members-only survival resort with Doomsday DJ," hosting end-of-the-world festivals, or converting it into an Airbnb offering caviar tastings and canned bean room service.The bunker, listed by UK online auctioneer SDL Property Auctions, has a guide price of 650,000 British pounds ($862,257) and is scheduled for auction on April 24. The property is situated on 1.4 acres near a former reservoir and has the necessary permissions for conversion into a residential house. Originally constructed in 1960 as a monitoring post during the Cold War, the bunker was decommissioned in 1968. It was one of 1,500 bunkers tasked with reporting nuclear bursts and monitoring radioactive fallout, as noted by SDL Property Auctions.Robert, the pseudonymous co-founder of Dead Bruv, explained in an April 18 statement to X that the initiative began as a joke but evolved into a serious endeavor aimed at "making NFTs fun again." He expressed enthusiasm for the project, highlighting the creative risks and boundary-pushing aspects that initially attracted him to NFTs. "When something comes from a place of, this is completely insane, we gotta do it, that’s when I know we’re onto something," Robert remarked.This venture is not the first instance of a DAO attempting to crowdfund for a high-value purchase. In 2021, ConstitutionDAO raised approximately $47 million in Ether (ETH) to bid on an original copy of the United States Constitution at Sotheby’s auction. Despite their efforts, the DAO was unsuccessful, as the winning bid was $43.2 million, and they were limited to a bid of $43 million due to additional costs. Similarly, LinksDAO successfully acquired Scotland-based Spey Bay Golf Club in May 2023 and added the US-based Hillcrest Country Club to its portfolio in February.

According to PANews, Nansen CEO Alex Svanevik announced on the X platform that Solana's staking market cap has recently surpassed that of Ethereum. Svanevik revealed that Solana's staking market cap reached $53.96 billion, placing it in the top position, while Ethereum's stands at $53.77 billion, ranking second.

According to PANews, cryptocurrency analyst Ali Martinez shared insights on the X platform regarding Solana (SOL). Martinez highlighted that the crucial support level for SOL is currently at $129, while the key resistance level stands at $144. The analyst suggested that any price movement beyond these levels could set the tone for SOL's future trajectory.

The Solana (SOL) to Ethereum (ETH) exchange rate has surged past 0.086, marking a significant milestone in SOL’s ongoing rally relative to ETH. According to Wu Shuo’s latest market update, the SOL/ETH pair is now on track to register its highest daily closing price on record.Over the past 12 months, the SOL/ETH ratio has climbed approximately 85%, reflecting Solana’s growing dominance in the smart contract and decentralised applications space. This performance highlights a broader market shift as Layer-1 alternatives like Solana continue to gain ground on Ethereum’s long-standing dominance.What’s Driving SOL’s Outperformance?Solana’s strong performance can be attributed to:Institutional interest in a potential SOL ETF, bolstered by recent regulatory optimism.Rapid ecosystem growth, including surges in NFT volume, memecoin activity, and GameFi development.Faster transaction speeds and lower fees than Ethereum mainnet enhance user and developer adoption.SOL vs ETH: The Battle of Layer-1sAs of today, SOL/ETH is trading at 0.086, with analysts eyeing a breakout above this level as a signal of continued upward momentum. Should current trends persist, Solana may further challenge Ethereum’s market share, especially among newer decentralized apps and retail users.

According to BlockBeats, data from DeFiLlama reveals that Solana's decentralized exchange (DEX) trading volume reached $1.887 billion in the past 24 hours, surpassing Ethereum's DEX trading volume of $1.182 billion. This marks a significant achievement for Solana, positioning it ahead of Ethereum in terms of DEX activity.