- Solana’s DeFi TVL rose by 18% to $6.6B despite a 64% sector drop, showing strong protocol resilience in Q1 2025.
- FTX estate liquidated over 30M SOL; ETF filings by Fidelity, Grayscale, and others boosted approval odds to 82% by Q1 end.
- SOL faced multiple rejections at $176–$188, with analysts eyeing $210–$307 if bullish momentum breaks resistance.
Solana’s Q1 2025 performance had a mixed outlook across important economic and financial indicators, according to Messari. While DeFi metrics showed signs of growth, SOL’s price and market cap declined notably.
The network retained its position as the second largest DeFi chain by total value locked (TVL), despite a 64% quarterly drop in total DeFi TVL to $6.6 billion. Solana’s own DeFi TVL rose by 18%, indicating resilience in its protocol usage.
Chain GDP rose by 20% quarter-over-quarter to $1.2 billion, with the TRUMP token surge in January playing a key role in the spike. However, SOL’s market cap dropped by 30% to $64 billion, partly due to token unlocks and estate related selloffs.
ETF Developments and Liquidation Pressures
Throughout Q2 2024 and early 2025, the FTX estate liquidated its remaining SOL holdings. Reports show over 30 million SOL were sold in April 2024 at $64 each, followed by 1.8 million tokens at $95 to $110.
In May 2025, final batches were sold around $102 per token. Buyers included Pantera Capital, Galaxy Trading, and others. Unlock schedules tied to these tokens are unchanged, with the highest volume of unlocks, 11.2 million tokens, occurring in March 2025.
Despite liquidation pressures, ETF developments gained traction. By April 2025, the SEC had acknowledged filings from Canary, Vaneck, Bitwise, and 21Shares. Fidelity’s application and Grayscale’s Solana Trust conversion plan also received acknowledgement.
Polymarket data shows the odds of a 2025 ETF approval are up to 82% by the end of Q1. Network usage remained mixed. Daily DEX volumes rose by 40.8% to $4.6 billion, while non-vote transactions grew 17%.
However, average daily fee payers fell by 22%. Real Economic Value dipped by 1% to 4 million SOL ($816 million), with 45% from transaction fees and the remainder from MEV tips.
Price Resistance Holds and Analysts Predictions
Solana faced strong horizontal resistance between $176 and $188, per analyst Ali. Multiple rejection attempts, most recently in May 2025 at $174.28, highlighted this barrier. The level had earlier acted as support from November 2024 to February 2025.
A decisive break above $188 could push prices toward $210 or even $240, though current momentum appears weakened. Meanwhile, analyst Rose reported a bullish continuation, with support holding firm.
Upside targets include $242.99, $276.04, and $307.54 if momentum sustains. According to CoinCodex, Solana is to dip by 2.46% to $157.48 by June 18. The six month prediction places SOL at $292.28, with one-year estimates at $166.34.
