Solana Smashes $100B Market Cap As Price Eyes $200 Breakout

Solana has crossed the $100B market cap again, gaining 6% in the past 24 hours. With capital rotating out of Bitcoin, top altcoins like Ethereum, Dogecoin, and Cardano are also seeing renewed interest. 

Solana DeFi TVL Hits $10.26B

Solana’s DeFi ecosystem is booming, with total value locked (TVL) jumping to $10.26 billion, the highest in nearly six months. This surge is largely driven by SOL’s price rally. Leading the pack are Jito Sol ($3.09B), Jupiter Exchange ($2.90B), and Kamino Finance ($2.89B).

Data from the Solana floor shows that over the past week, $180 million has been bridged to Solana from other blockchains, with $90 million coming from Ethereum alone. That is a 44% increase compared to the previous week, which shows growing interest and inflows into the Solana ecosystem.

Also, Solana-based perpetual trading platforms are seeing more Solana liquidations on-chain than all centralized exchanges combined during times of high market activity. This is a sign of shifting trader behavior.

Retail Interest and Short Squeeze Push SOL Toward $200

In the past 24 hours alone, over $11 million in SOL short positions were liquidated as the token climbed to $191. The largest single liquidation hit $1.13 million at $188, showing just how fast sentiment is flipping.

Solana is also seeing strong retail interest, with open interest in SOL futures jumping to $9.5 billion from $7.1 billion. Trading volume also jumped 80% in the past day to over $20 billion. With more short sellers getting liquidated, the price is being pushed higher, possibly past $200 soon.

Strong Inflows Keep Solana in the Spotlight

CoinShares report reveals that Solana-based digital asset products like ETFs, funds, and ETPs saw $39.1 million in inflows last week. While Bitcoin led overall with $2.19 billion, Solana inflows were also notable among other altcoins. Solana also continues to lead all Layer 1 and Layer 2 blockchains in network revenue, now for the 17th straight week, highlighting its strong and consistent on-chain activity.

Analysts Eye Breakout 

It is currently trading at $190.80, up 5.7% in the last 24 hours. Analyst Ali Martinez had recently shared that $189 is a key breakout level for Solana. If SOL moves above it, there are not many strong resistance zones ahead, and the price could climb quickly from there.

Glassnode says around 8 million SOL were bought near $190, so it’s a major resistance level. If Solana breaks above it and demand stays strong, the price could rise quickly since there is less selling pressure above that point.

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