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According to Foresight News, Phoenix reports that Canary has submitted an updated version of its spot Solana ETF S-1 application.

Solana (SOL) is showing renewed strength, currently trading at $167.89 after rising from an intraday low of $164.64 to a high of $171.65. The price action reflects growing demand for SOL amid strong DeFi activity, institutional accumulation, and technical breakout patterns, despite brief corrections in recent sessions.Solana Holds Bullish Structure Amid VolatilityAfter surging over 6% from a previous low of $159.69, Solana now consolidates near $168 following a series of higher lows and higher highs that broke key resistance levels around $166.87. This pattern signals a bullish reversal, supported by increasing trading volume and on-chain strength.Updated Technical Analysis Highlights:Current Price: $167.89Intraday Range: $164.64 – $171.65Resistance Level: $172.00Support Level: $162.00Price previously climbed from $159.69 to $173.03, gaining 8.35% during that move.Above-average volume concentrated in the $167–$170 range, indicating strong buyer activity.Notable support was found at $160.34, where large-volume buyers stepped in early in the session.A brief 1.35% correction occurred recently, with the price falling from $172.19 to $169.87 before rebounding.Final trading sessions show diminishing volatility and selling pressure, signaling potential exhaustion on the downside.DeFi Demand and Treasury Buys Fuel UptrendThe recent rally in SOL follows surging on-chain decentralized exchange (DEX) volume, which hit $35.6 billion in weekly turnover, reinforcing Solana's growing role in DeFi ecosystems. In addition, a $24 million treasury acquisition by DeFi Development has further catalyzed bullish sentiment and price momentum.This strong capital influx suggests long-term investor confidence in the Solana ecosystem, with demand for its high-throughput blockchain infrastructure rising amid market-wide risk-on behavior.Broader Macro Context Adds FuelSolana's surge is happening amid increased market volatility driven by geopolitical tensions and trade uncertainty among major global economies. These macro conditions have led to heightened correlation between crypto markets and traditional financial instruments, with Solana standing out among leading altcoins.Key Levels and What Comes NextAnalysts now identify the $166.82 level as a short-term pivot, with $172–$177 seen as the next resistance zone to watch. A sustained breakout above these levels could push SOL toward $184, aligning with broader altcoin rotation cycles.With institutional accumulation evident in the volume data and DeFi activity accelerating on-chain, Solana’s current consolidation phase may precede another upward leg—if the $170 psychological level can be reclaimed and held.

According to Foresight News, on May 19, Anza, a developer studio spun off from Solana Labs, introduced a new consensus layer protocol for Solana named Alpenglow. This protocol modifies the existing TowerBFT and PoH consensus mechanisms by incorporating new components, Votor and Rotor, to handle voting and block finality, and to enhance Solana's current block propagation protocol. Built on Turbine, Solana's version of sharding, it optimizes bandwidth usage through a single-layer relay node based on stake. Roger Wattenhover, Anza's Head of Research, stated at Solana Accelerate that the new consensus mechanism will significantly reduce transaction finality time from the current 12.8 seconds to 150 milliseconds. Alpenglow has completed prototype testing and is expected to deploy on the testnet by mid-2025, with mainnet deployment anticipated later in the year following approval through Solana Improvement Documents (SIMD). Compared to the current Solana mainnet, Alpenglow simplifies architecture and optimizes data propagation efficiency, making it suitable for high-frequency trading and real-time payments. Votor, a core component of Alpenglow, will replace TowerBFT by handling consensus logic. It operates through direct communication rather than the current node gossip model, using peer-to-peer communication and dynamic grouping strategies based on stake weight or geographical location. This reduces redundant message transmission and network latency. Votor introduces a tiered stake voting mechanism: if a block receives over 80% stake support in the first round, it is notarized immediately; if support is between 60% and 80%, a second round of rapid confirmation is initiated. Nodes can skip voting if block delay or risk is detected, preventing resource wastage. Overall, when the validator threshold is below 60%, latency can be controlled to around 100 milliseconds. Rotor focuses on improving block propagation efficiency and network resource allocation by integrating Turbine sharding technology. It replaces the traditional multi-layer relay model with a single-layer relay node architecture, splitting block data into lightweight shards and dynamically optimizing transmission paths, significantly reducing network complexity and transmission delay. Rotor also introduces an adaptive propagation algorithm that monitors network status in real-time and switches congested paths, combining lightweight data verification to reduce computational overhead, greatly enhancing propagation speed and fault tolerance. Performance-wise, Rotor compresses block propagation delay to milliseconds, supporting Solana's goal of achieving 50,000 TPS, meeting the demands of DeFi clearing and real-time payment scenarios. Overall, the Alpenglow protocol removes the PoH mechanism, reducing chain-wide operational risk and simplifying architecture. By replacing Tower BFT consensus with Votor and using stake-driven 1-2 round voting, it achieves block finality within 100-150 milliseconds without relying on optimistic confirmation. Rotor optimizes Turbine sharding with a single-layer relay system, enhancing propagation efficiency to the physical network latency limit, with the main bottleneck being underlying network transmission speed. The system's resilience is significantly enhanced, capable of withstanding 20% malicious nodes and 20% stake offline scenarios, improving attack resistance and fault tolerance. Ultimately, Alpenglow compresses transaction finality to milliseconds, providing foundational support for high-frequency trading, real-time payments, and large-scale on-chain applications.

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 approximately 30.6 million active addresses, significantly outpacing its competitors. Following Solana, Base secured the second position with 9.4 million active addresses, while BNB Chain ranked third with 7.7 million. This data highlights the growing engagement and activity across these blockchain networks.

According to PANews, Whale Alert reported that at 19:39 UTC+8 today, the USDC Treasury minted an additional 250 million USDC on the Solana blockchain. This development highlights ongoing activities within the cryptocurrency sector, particularly concerning stablecoin issuance and blockchain utilization.

According to BlockBeats, Jon Charbonneau, co-founder of DBA, released a data analysis indicating that both Ethereum and Solana reached their highest network revenues when their prices hit historical peaks. The analysis reveals that the annualized revenue multiples at these peak times were approximately equal, around 26.5 times. Ethereum's price peak occurred in November 2021, with monthly network revenue reaching approximately $1.83 billion, translating to an annualized network revenue of about $219 billion. At that time, Ethereum's fully diluted valuation (FDV) was $578.71 billion, resulting in a valuation multiple of 26.42 times. Solana's price peak was in January 2025, with monthly network revenue around $550 million, equating to an annualized network revenue of approximately $6.61 billion. Solana's FDV was $177 billion, leading to a valuation multiple of 26.77 times.

According to BlockBeats, OnchainLens monitoring has revealed that a newly created wallet address has withdrawn 296,422 SOL tokens from FalconX, valued at $50.82 million. The tokens have been sent for staking purposes.

According to Foresight News, data from Cryptopolitan reveals that Solana generated $7.9 million in revenue on May 13, surpassing the combined total of all Layer 1 and Layer 2 blockchains. This figure is three times that of Ethereum, eleven times that of Bitcoin, and thirty-five times that of Base. Solana also accounted for 51.6% of the weekly blockchain revenue, with decentralized application (DApp) transaction volume reaching $1.6 billion, ranking it first among its peers.

According to PANews, recent data from Glassnode, reported by CoinDesk, indicates that Solana's 30-day realized market capitalization has returned to positive growth, with an annualized rate of 4–5%. This marks the first positive inflow after several weeks of outflows, suggesting a potential return of buying pressure. Although Solana's price has not yet significantly rebounded, this metric is often seen as a precursor to a potential market reversal, indicating that the market may have completed a phase of 'capitulation-style' clearing.

According to BlockBeats, data from DefiLlama reveals that Solana's network decentralized exchange (DEX) trading volume reached $45.71 billion in the past 24 hours, ranking first globally. Additionally, over the past week, Solana's DEX trading volume totaled $275.15 billion, marking a 48% increase.The top three DEX protocols within the Solana ecosystem are Raydium, Meteora, and Orca, contributing significantly to this impressive performance.

According to PANews, Pine Analytics has released a report highlighting a significant shift in Solana's DeFi ecosystem from public, passive liquidity pools to private execution decentralized exchanges (DEXs). New DEXs such as SolFi, Obric v2, and ZeroFi, despite lacking front-end interfaces, are handling 40-65% of on-chain transaction volume through the Jupiter aggregator. These DEXs employ four core design principles: executing trades exclusively through the Jupiter aggregator, utilizing real-time oracle-based pricing, using private funds instead of public liquidity pools, and offering selective quotes based on inventory. This model effectively mitigates MEV attacks and toxic order flows, showing notable advantages in major trading pairs like SOL and stablecoins. Solana's current architecture, characterized by a single leader and MEV auctions, places public quotes at a disadvantage. However, upcoming upgrades, such as concurrent leaders, may alter this scenario. While the private market-making model enhances execution efficiency, it also reduces the openness and composability of DeFi. This evolution reflects Solana's ecosystem gradually developing a unique liquidity supply method that aligns with its technical architecture.

According to Odaily, Eugene Ng Ah Sio shared on his personal channel that he has purchased SOL at a price of $169, expressing confidence in its potential. He stated that SOL remains the best proxy indicator for assessing risk appetite in the altcoin market. Ng Ah Sio believes that once Bitcoin surpasses key resistance levels, SOL will be among the first assets anticipated to reach new highs.

According to BlockBeats On-chain Detection, recent data from Nansen reveals that Solana has the highest number of active addresses among public blockchains over the past week, with 24.26 million. Following Solana, BNB Chain had 7.512 million, Tron reached 5.863 million, and Aptos reported 4.241 million active addresses.

According to BlockBeats, Alameda Research recently unstaked 187,625 SOL, valued at approximately $32.2 million. This transaction was detected by The Data Nerd around nine hours ago. The move comes amid ongoing developments in the cryptocurrency market, highlighting the dynamic nature of digital asset management.

According to PANews, Onchain Lens has reported that a major whale or institution has unstaked 103,040.6 SOL, valued at $17.7 million, after a month of inactivity. Despite this move, the whale still retains a substantial holding of 3,369,634 SOL, worth approximately $584.09 million.

According to Foresight News, Solana co-founder Toly recently expressed on X that underlying Layer 1 (L1) protocols should be sufficiently flexible to allow applications to compete in their business operations. He noted that if applications can drive business growth through differentiated priorities, they will pursue such strategies. However, if an L1 hinders their growth, they are likely to migrate away from it. Toly emphasized that this concept is straightforward, stating that preventing applications from trying ideas they believe could aid growth, even if deemed bad, may also encourage them to leave the L1.

According to Foresight News, the Solana ecosystem's liquid restaking protocol, Fragmetric, announced on X that its total value locked (TVL) has exceeded $200 million. This milestone highlights the growing interest and investment in Solana's decentralized finance (DeFi) space. Fragmetric's achievement reflects the broader trend of increasing adoption and innovation within the blockchain sector.

According to Foresight News, Solana-based lending protocol Loopscale has released a report on a recent security incident. An attacker exploited a pricing logic flaw to borrow 5,726,700 USDC and 1,211.4 SOL. All funds have been successfully recovered through negotiations. The incident was caused by a code path that inadequately verified the price of RateX PT tokens, which was deployed without a third-party audit. Loopscale has apologized for the breach and committed to enhancing security measures. These measures include mandatory third-party audits, launching a bug bounty program, increasing multi-signature authorization, and setting borrowing and withdrawal limits.

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.