Are we back? Solana bounced hard the last seven days (March 19-25) as market optimism returned following the Trump administration's apparent softening approach to tariff negotiations.
TL;DR
- Solana bounces 12% to $140, TVL rises to $72 billion
- Pump.fun launches PumpSwap—its own AMM
- Raydium launches its meme coin factory to compete with Pump.fun
- Volatility Shares debuts funds to track Solana futures
- Solana comes to Polymarket
Introduction
Are we back? Solana bounced hard the last seven days (March 19-25) as market optimism returned following the Trump administration's apparent softening approach to tariff negotiations. Earlier in the week, the U.S. Federal Reserve kept interest rates unchanged, with the potential for two cuts in 2025. This contributed to a 12% weekly increase, pushing Solana to $140.
In ecosystem news, Pump.fun launched its native DEX, PumpSwap, after weeks of speculation.
In response, Raydium released LaunchLab to compete with Pump.fun.
Additionally, Volatility Shares launched two funds tracking Solana futures, and Canary Funds filed for a PENGU ETF. Also, Fidelity could be taking steps toward a Solana ETF!
Polymarket, a crypto-based prediction market, now accepts Solana deposits.
Here is your weekly Solana update.
Top 5 Solana News Stories
Fidelity Registers 'Solana Fund' Trust, Could Signal ETF Plans
CSC Delaware Trust Company registered the "Fidelity Solana Fund," potentially marking the first step toward a Solana ETF from Fidelity. The firm, known for managing the second-largest Bitcoin ETF, has yet to confirm if this trust will lead to an ETF proposal.
Pump.fun Launches PumpSwap
Pump.fun has launched its own DEX, PumpSwap, displacing Raydium for trading Solana meme coins. Meme coins will now migrate directly to PumpSwap, reducing friction and complexity.
Raydium Starts LaunchLab To Compete with Pump.fun
In response to Pump.fun’s AMM, Raydium has introduced LaunchLab, a flexible token launch platform for Solana. The move aims to retain market share as Pump.fun threatens Raydium’s liquidity dominance.
Solana Stablecoin Supply Reaches Record Highs
Solana’s stablecoin supply has surpassed $12.8 billion, hitting record levels. In March, over $1.2 billion in stablecoins were minted, reflecting continued adoption and liquidity growth.
Solana ETFs Launch on Wall Street
Volatility Shares is launching the first-ever ETFs tracking Solana futures, SOLZ and SOLT, offering exposure to the layer-1 network. SOLZ tracks Solana futures, while SOLT provides twice the leveraged exposure.
Solana Numbers the Last 7 Days
Source: CoinMarketCap
- Price: $140, up 12%
- Market cap: $71.57 billion
- DeFi TVL: $7.201 billion
- Daily active addresses: >3.8 million
- 24H trading volume: $3.54 billion
Other metrics also improved. Active wallet addresses increased 6% to 3.8 million, while total value locked (TVL) is up 2% to $7.2 billion.
Source: Artemis
How important is TVL in 2025? Solana OG Lily Liu says not as much as we think.
Worryingly though, Solana's DEX volume underwhelmed, dropping 20% to $8.06 billion as BNB Chain Season makes a comeback.
Source: DeFiLlama
- Solana’s top eight DEXs faced declines, with Lifinity performing the worst.
- On a positive note, Drift posted a huge gain of 95% in volume week-on-week.
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Source: DeFiLlama
How Did Solana Stack Up Against Its Competitors?
It was a good week for Solana as it outperformed its rivals in the top 10 list. Ethereum gained 8% while Bitcoin is charging toward $90K after clearing $86K. Overall, the mood in the market has improved, with the Greed and Fear Index climbing from 25 to 34 within a week.
Source: CoinMarketCap
Source: CoinMarketCap
Solana maintains its lead in app revenue (24 hours), with Ethereum far behind.
Source: DeFiLlama
Solana Ecosystem the Last Week
Solana’s ecosystem market cap rose 10%, and volume increased 7%, reflecting the strengthening market sentiment.
Source: CoinMarketCap
It was a week dominated by bulls in Solana’s ecosystem, though a few tokens still posted losses. Bonk and Render stand out with a 29% and 14% pump, respectively.
Source: CoinMarketCap
Top Gainers:
- Orca (ORCA): +54.63%
- Solayer (LAYER): +36.46%
- Olympus v2 (OHM): +19.18%
- Chintai (CHEX): +22.5%
- Render (RENDER): +16.59%
Top Losers:
Solana DeFi
- Base boosted its TVL by 21%, outperforming most chains, including Solana.
Source: DeFiLlama
- Solana's share of TVL dropped to 7.5%, while Bitcoin's remained relatively unchanged.
- Ethereum's dominance remains intact, accounting for 51% of DeFi's TVL.
Source: DeFiLlama
Solana Meme Coins
- It was a solid week for Solana's meme coins, with many in the green.
- Fartcoin led the pack, nearly doubling in value.
- While there were some losses, they were minimal.
Source: CoinMarketCap
Top Gainers:
- Fartcoin (FARTCOIN): +92.78%
- Mumu the Bull (MUMU): +51.68%
- hehe (HEHE): +36.17%
- Bonk (BONK): +28.72%
- Gigachad (GIGA): +27.88%
Top Losers:
- Official Melania Meme (MELANIA): -6.06%
- Dog (DOG): -3.33%
- Moo Deng (MOODENG): -0.93%
Solana DePIN
Source: DePIN Scan
- The Solana DePIN ecosystem had a good week, with io.net posting an 11.8% gain.
- Nosana (NOS) dipped 6%.
Solana’s DePIN sector has seen growth in contributors, while revenues in 2025 are stabilizing.
NFTs
- Solana reclaimed the lead over Ethereum, capturing 26% of NFT users compared to Ethereum’s 25.5%.
- While slim, it’s a win the ecosystem will welcome.
Source: NFT Pulse
What You Can Do Now
- Watch closely as Wall Street's interest in Solana grows.
- Monitor new meme coins with Pump.fun's DEX launch.
- Keep an eye on JUP's performance as Raydium challenges Pump.fun.
- Track Solana’s network activity as stablecoin supply hits a record high.
- Follow Volatility Shares’ Solana futures funds to gauge institutional interest in SOL.
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