Solana has achieved a major market milestone by surpassing Binance Coin (BNB) to become the fifth-largest cryptocurrency by market capitalization as of September 2025. This shift reflects Solana's rapid ecosystem growth and increasing institutional confidence, with its Total Value Locked (TVL) reaching an all-time high of nearly $13 billion.
The surge in TVL demonstrates renewed interest in Solana's DeFi applications, staking programs, and on-chain services. Institutional players including Galaxy Digital, Jump Crypto, and Multicoin have led a $1.65 billion PIPE investment, while Galaxy Digital alone purchased over 700,000 SOL valued at approximately $160 million. Whale activity has been significant, with one address staking over 268,000 SOL, reducing circulating supply and creating upward price pressure.
Analysts are predicting substantial price growth, with Lark Davis projecting medium-term targets of $300–$400 based on ecosystem development and strong fundamentals. Technical indicators show bullish momentum, with futures open interest surging 300% since August to $8.17 billion. The USDC Treasury minted 250 million new USDC on Solana, signaling increased platform demand.
Market dynamics have shifted following Changpeng Zhao's decreased role at Binance, while Solana's founder Anatoly Yakovenko has been instrumental in advancing the high-performance blockchain. Analysts suggest that if ETF approvals materialize and treasury purchases continue, Solana could see a 3x price surge, potentially retesting its all-time high.