Solana Market Cap Hits Record Above $129B as SOL Surges Past $240

Solana has set another historic ￰0￱ blockchain’s native token, $SOL, soared past the $240 mark today, pushing its market cap to an all-time high above $129 ￰1￱ surge lifted Solana past Binance Coin ($BNB) to become the fifth largest cryptocurrency by market value, according to ￰2￱ rally didn’t come without ￰3￱ $61 million in short positions were liquidated in the past 24 hours as SOL ripped higher, shaking out bears who bet against the token’s momentum DeFi Boom Fuels Growth Beyond price action, Solana’s DeFi ecosystem continues to post explosive ￰4￱ Value Locked (TVL) has climbed to $13.03 billion, marking a 5.6% increase in the past 24 ￰5￱ surge has been led by three protocols dominating Solana’s DeFi scene: Jupiter Exchange: $3.62B TVL (+23.5% MoM) Jito: $3.56B (+15.1% MoM) Kamino Finance: $3.37B (+6.1% MoM) Daily volumes have also been ￰6￱ decentralized exchanges (DEXs) processed $4.43B in trades in the past 24 hours, while daily active addresses held firm at 2.59M Futures Market Heats Up Demand for Solana is also spilling into ￰7￱ futures open interest surged to $1.87 billion today, climbing 25.5% in just three days from $1.49B on September ￰8￱ spike comes as traders bet on a potential Solana spot ETF approval in ￰9￱ move also reflects growing treasury accumulation of SOL, further tightening ￰10￱ Apps Outpace Ethereum In a surprising twist, Solana apps are now generating more than double the revenue of Ethereum ￰11￱ the past 30 days, $SOL-based apps brought in $207 million, compared to just $90 million on Ethereum This revenue gap highlights Solana’s rising dominance in real usage, not just ￰12￱ Digital Bets Big One of the strongest signals of institutional conviction came from Galaxy ￰13￱ the past 24 hours, Galaxy accumulated 1.81M SOL worth $432M, reportedly for Forward Industries’ $1.65B Solana ￰14￱ far, only 26% of the funds raised have been deployed, leaving 74% still on the ￰15￱ means hundreds of millions more in buy pressure may soon hit the ￰16￱ Digital has purchased a total of $510 million in SOL this week alone Galaxy CEO Says Billions of Inflows Coming to #Solana.

Galaxy Digital CEO Mike Novogratz believes Solana will be at the forefront of the next wave of crypto adoption, with billions set to flow into ￰17￱ a recent CNBC Squawk Box interview, Novogratz highlighted the vast… ￰18￱ — TheCryptoBasic (@thecryptobasic) September 12, 2025 Novogratz Sees Billions Flowing In Galaxy Digital CEO Mike Novogratz is publicly ￰19￱ on CNBC’s Squawk Box, he said billions in inflows are headed to ￰20￱ pointed out the vast gap between crypto and global ￰21￱ crypto’s market cap sits at $4 trillion, the global wealth market is worth $400 ￰22￱ Galaxy boss believes traditional investors will channel capital into crypto, with Solana as a prime entry ￰23￱ cited several key drivers of this trend: Forward Industries’ $1.65B Solana treasury initiative The imminent launch of SOL ETFs Dan Morehead’s new $1.25B Solana treasury company For context, Forward Industries, a Nasdaq-listed company, raised $1.65 billion in August to accumulate SOL as a treasury ￰24￱ Digital has been executing the buys on their behalf.

Meanwhile, Pantera Capital’s Dan Morehead is reportedly raising $1.25B for a new Solana-focused treasury, adding another institutional layer of ￰25￱ Digital has bought $510,000,000 in $SOL this ￰26￱ money is betting on Solana ￰27￱ — Ted (@TedPillows) September 12, 2025 Spot ETFs Around the Corner The momentum could soon accelerate with the launch of Solana ￰28￱ applications are pending with the SEC, including filings from VanEck, Grayscale, Canary, and ￰29￱ expect the first approvals as soon as next month, aligning with the SEC’s final decision ￰30￱ greenlit, these ETFs would open the door for traditional investors to gain regulated exposure to Solana, and potentially unlock billions in ￰31￱ a fresh all-time high, explosive DeFi growth, record futures demand, and heavyweight institutions pouring in, Solana is entering a new ￰32￱ mix of on-chain traction, treasury accumulation, and pending ETF approvals positions Solana as one of the strongest plays in crypto right ￰33￱ Novogratz’s prediction holds, the billions set to flow into Solana could cement its place as a long-term leader in the digital asset space.

Disclosure: This is not trading or investment ￰34￱ do your research before buying any cryptocurrency or investing in any ￰35￱ us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !