According to SuperEx market data, SOL has experienced a trend reversal since April 10, entering an upward trajectory. Its price has surged from $101.21 to a high of $153.95, marking a 25-day increase of over 52%. At the same time, on-chain data shows the total market cap of stablecoins on the Solana chain has exceeded $13 billion, setting a historical high (recent data).

It’s fair to say that SOL has completely shaken off the slump it faced since January this year! You might ask: why have SOL and ALPACA suddenly started soaring? Is this just hype, or is there real momentum behind it?

Today, let’s break down what’s really driving this explosive rally. Why is Solana making such a strong comeback? In essence, the reasons boil down to three key points:

Market data reflects increased Solana network usage, signaling a bullish outlook;

Bloomberg Intelligence suggests the likelihood of a Solana spot ETF approval by U.S. regulators in 2025 has risen to 90%;

Support from a surge in popular meme coins.

Spike in Network Usage & On-Chain Metrics

1. Market Data Reflects Real Activity

On-chain data shows Solana's daily transaction count has consistently exceeded 50 million. Active on-chain wallets have surpassed 2 million. DEX trading volume ranks second in the industry, at one point reaching $50.7 billion—surpassing Ethereum’s $39.6 billion. TVL reached $7.217 billion, overtaking both Polygon and Avalanche, ranking second only to Ethereum. This clearly demonstrates that growing demand for Solana’s usage is driving real economic value capture.

1. Transaction Volume and Capital Inflow

According to analytics platform CryptoRank, Solana’s total on-chain transfer volume reached approximately $28 billion over the past 30 days, surpassing several competitors including Ethereum and BNB, trailing only stablecoin transfers. In addition, Glassnode reports that Solana saw a net capital inflow of about $4.72 billion over a 7-day period—the largest single-week increase since March—suggesting institutional recognition of the network’s future potential.

Likelihood of Solana Spot ETF Approval Now at 90%

ETF applications from major investment firms are typically a strong long-term signal for Solana, as ETFs make it easier for traditional investors to gain exposure to SOL without directly purchasing or storing the crypto asset. Based on this trend, six top global asset managers—Grayscale, VanEck, 21Shares, Canary, Bitwise, and Franklin Templeton—have already filed applications for Solana ETFs and are awaiting approval from the U.S. Securities and Exchange Commission (SEC). This is viewed as a major bullish signal by the market.

According to Bloomberg Intelligence, the likelihood of U.S. regulators approving a Solana spot ETF in 2025 has now risen to 90%. If approved, it could add further legitimacy and liquidity to SOL, providing strong long-term price support.

Meme Coin Catalysts

1. Meme Economy Fuels Network Activity

Since the start of 2024, the explosive growth of meme coin projects within the Solana ecosystem has greatly boosted on-chain activity. Many lightweight tokens have rapidly gathered community momentum, which in turn has driven up trading volume and fee revenue.

1. ALPACA and Other Meme Stars Create Short-Term Frenzy

Though it originated on the BNB Chain, ALPACA Finance (ALPACA) triggered dramatic price action in late April due to a “short squeeze,” with intraday price spikes exceeding 600%, and even reaching a short-term gain of 1300%. This effectively attracted large inflows of speculative capital into Solana and related derivatives markets, further boosting SOL’s market popularity and FOMO sentiment.

1. Other Meme Coins and Derivatives Create Spillover

Solana-native meme tokens like BONK and TROLL also posted gains exceeding 20% in late April. As hype and capital flow into these assets, spillover effects naturally extend to Solana’s native token SOL, forming a “multi-token linked” structural rally.

Conclusion

In summary, the 52% surge in SOL’s price over 25 days since April 10 has been driven by a combination of hard fundamentals and soft momentum:

“Hard support” from a sharp rise in network usage and economic indicators;

“Soft push” from expectations around ETF approval;

Short-term “heat overflow” from trending meme coins.

Looking forward, whether SOL can continue breaking through new highs will depend on the dual fulfillment of technical improvements and real-world adoption, as well as continued favorable regulatory and macroeconomic conditions. Investors should monitor developments dynamically and aim to “catch the rhythm, beware of aftershocks,” seeking long-term value amid volatility.

According to SuperEx market data, SOL has experienced a trend reversal since April 10, entering an upward trajectory. Its price has surged from $101.21 to a high of $153.95, marking a 25-day increase of over 52%. At the same time, on-chain data shows the total market cap of stablecoins on the Solana chain has exceeded $13 billion, setting a historical high (recent data).

It’s fair to say that SOL has completely shaken off the slump it faced since January this year! You might ask: why have SOL and ALPACA suddenly started soaring? Is this just hype, or is there real momentum behind it?

Today, let’s break down what’s really driving this explosive rally. Why is Solana making such a strong comeback? In essence, the reasons boil down to three key points:

Market data reflects increased Solana network usage, signaling a bullish outlook;

Bloomberg Intelligence suggests the likelihood of a Solana spot ETF approval by U.S. regulators in 2025 has risen to 90%;

Support from a surge in popular meme coins.

Spike in Network Usage & On-Chain Metrics

1. Market Data Reflects Real Activity

On-chain data shows Solana's daily transaction count has consistently exceeded 50 million. Active on-chain wallets have surpassed 2 million. DEX trading volume ranks second in the industry, at one point reaching $50.7 billion—surpassing Ethereum’s $39.6 billion. TVL reached $7.217 billion, overtaking both Polygon and Avalanche, ranking second only to Ethereum. This clearly demonstrates that growing demand for Solana’s usage is driving real economic value capture.

1. Transaction Volume and Capital Inflow

According to analytics platform CryptoRank, Solana’s total on-chain transfer volume reached approximately $28 billion over the past 30 days, surpassing several competitors including Ethereum and BNB, trailing only stablecoin transfers. In addition, Glassnode reports that Solana saw a net capital inflow of about $4.72 billion over a 7-day period—the largest single-week increase since March—suggesting institutional recognition of the network’s future potential.

Likelihood of Solana Spot ETF Approval Now at 90%

ETF applications from major investment firms are typically a strong long-term signal for Solana, as ETFs make it easier for traditional investors to gain exposure to SOL without directly purchasing or storing the crypto asset. Based on this trend, six top global asset managers—Grayscale, VanEck, 21Shares, Canary, Bitwise, and Franklin Templeton—have already filed applications for Solana ETFs and are awaiting approval from the U.S. Securities and Exchange Commission (SEC). This is viewed as a major bullish signal by the market.

According to Bloomberg Intelligence, the likelihood of U.S. regulators approving a Solana spot ETF in 2025 has now risen to 90%. If approved, it could add further legitimacy and liquidity to SOL, providing strong long-term price support.

Meme Coin Catalysts

1. Meme Economy Fuels Network Activity

Since the start of 2024, the explosive growth of meme coin projects within the Solana ecosystem has greatly boosted on-chain activity. Many lightweight tokens have rapidly gathered community momentum, which in turn has driven up trading volume and fee revenue.

1. ALPACA and Other Meme Stars Create Short-Term Frenzy

Though it originated on the BNB Chain, ALPACA Finance (ALPACA) triggered dramatic price action in late April due to a “short squeeze,” with intraday price spikes exceeding 600%, and even reaching a short-term gain of 1300%. This effectively attracted large inflows of speculative capital into Solana and related derivatives markets, further boosting SOL’s market popularity and FOMO sentiment.

1. Other Meme Coins and Derivatives Create Spillover

Solana-native meme tokens like BONK and TROLL also posted gains exceeding 20% in late April. As hype and capital flow into these assets, spillover effects naturally extend to Solana’s native token SOL, forming a “multi-token linked” structural rally.

Conclusion

In summary, the 52% surge in SOL’s price over 25 days since April 10 has been driven by a combination of hard fundamentals and soft momentum:

“Hard support” from a sharp rise in network usage and economic indicators;

“Soft push” from expectations around ETF approval;

Short-term “heat overflow” from trending meme coins.

Looking forward, whether SOL can continue breaking through new highs will depend on the dual fulfillment of technical improvements and real-world adoption, as well as continued favorable regulatory and macroeconomic conditions. Investors should monitor developments dynamically and aim to “catch the rhythm, beware of aftershocks,” seeking long-term value amid volatility.