Solana is entering a “historic moment” as TVL reaches near $13 billion for the first time and market capitalization soars, overtaking BNB to become the world’s fifth-largest cryptocurrency.
Institutional inflows, whale activity, and a wave of staking create a chain reaction, pushing SOL closer to its previous ATH and setting the stage for the next potential breakout. Could this be the true beginning of a full-fledged “SOL season”?
Major Tailwinds for SOLSponsored
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Solana (SOL) has just recorded an impressive leap as Total Value Locked (TVL) across its ecosystem surged to an all-time high, reaching near the $13 billion milestone for the first time. This TVL growth reflects renewed confidence in Solana’s DeFi apps, staking programs, and on-chain services.
As TVL rises, protocols return previously withdrawn capital, boosting liquidity and improving open interest and derivatives volumes. This has reinforced SOL’s price momentum as capital from institutions and retail investors returns to the network.
SOL TVL. Source: DefiLlama
An important driver behind this rally is institutional capital. Galaxy Digital, Jump Crypto, and Multicoin have just led a $1.65 billion PIPE to develop a concentrated Solana treasury strategy. Deals of this scale are often accompanied by significant buying pressure, reducing circulating supply and acting as a major catalyst for price appreciation.
At the same time, SOL’s market capitalization has exploded, allowing it to surpass BNB and become the world’s fifth-largest cryptocurrency. These signals fuel narratives about a coming “SOL season,” suggesting that Solana’s ecosystem is entering a more sustainable growth phase.
SOL is now the 5th largest crypto by market cap. Source: BeInCrypto
Whale activity is also amplifying the trend. Galaxy Digital has purchased over 700,000 SOL (worth around $160 million). FTX/Alameda redeemed and transferred over 192,000 SOL. Additionally, USDC Treasury minted 250 million new USDC on the Solana network, and a whale address staked over 268,000 SOL (worth ~$60.7 million), effectively locking liquidity out of circulation. These moves signal that big capital is betting on Solana’s long-term potential.
$238 Resistance – The Last Step Before ATHSponsored
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From a technical perspective, SOL shows strong momentum as it reclaimed the $216 resistance zone and now targets $238 – the final major resistance before retesting its all-time high. Analysts such as The Crypto Lark even predict a potential “trade of the cycle,” with a possible 3x price surge if bullish momentum (ETF catalysts, treasury purchases, performance upgrades, improving speed and cost efficiency) continues.
“Meaning, Solana’s bullish tailwinds could ignite a 3X in price within a short matter of time,” Lark noted.
Even so, analysts also highlight that pullbacks to the $216 level could offer excellent opportunities for resistance-to-support flips before the next leg upward.
SOL/USDT chart, 1D timeframe. Source: Lennaert Snyder on X
As BeInCrypto reported, SOL’s price has surged nearly 30% in a month, with futures open interest hitting $8.17 billion—a 300% rise since August—fueled by bullish positioning. A liquidity cluster near $226 could trigger short liquidations, boosting momentum toward $250, while climbing RSI suggests room for gains to $244–$252 if demand holds, or a pullback to $215 if it fades.
However, Solana’s price rally risks a pullback due to unrealized profits reaching their second-highest monthly level, prompting potential profit-taking. An 84% drop in exchange outflows over three days amid rising prices signals waning buying pressure. The chart’s bearish RSI divergence highlights $207 as the critical level to hold.
SOL whales take profit. Source: Murphy
In addition, observations from user Murphy also show interesting signals. Accordingly, during the recent pullback, major players who bought SOL at around $144–$165 are holding unrealized profits of around 40%–50%. During the price recovery in the past few days, SOL “whales” profit-taking scale has been relatively small, much less than in previous price increases.
“As long as the profitable chips below don’t rush to cash out, the resistance to pushing SOL higher isn’t significant. It’s fair to say everything is ready, and all that’s missing is the final push.” Murphy noted.
