Solana (SOL) experienced a significant rally, surging 10.02% to reach $160.32, its highest price level since early March. This upward momentum is fueled by a range of positive factors, including increased DeFi volume, robust market sentiment, and ongoing network upgrades. On May 7, DeFi volumes on the Solana network surpassed $800 billion for 2025, with continued growth in recent months indicating sustained investor confidence.
Tracy Jin, COO of MEXC, highlighted that Solana’s latest market action could be the prelude to a breakout beyond the $180–$200 range, provided that it holds above key resistance levels. Discussion of Solana’s ecosystem also notes a broadening perception among investors, pointing to a maturing market and growing institutional adoption. Institutional attention has further shifted due to relative weakness in Ethereum, whose ETFs have seen substantial outflows this year.
Upcoming launches of Solana ETFs are anticipated to enhance the network’s institutional appeal even further, while platforms such as Pump.fun, radium, and Axiom continue to drive activity. The overall mood remains optimistic, with many stakeholders now viewing Solana as a leading force within the L1 blockchain space for 2025.
