- Solana’s Q1 2025 application revenue surged 20% to $1.2B, driven by protocol growth and rising stablecoin volumes.
- SOL trades at $267.80, forming a massive ascending triangle pattern, with projections signaling a parabolic rally through 2026.
- Pump.fun led Solana protocol revenues with $257.3M in Q1, as ecosystem diversification fueled broad-based application growth.
Solana’s ecosystem is surging as application revenue soared 20% quarter-over-quarter to hit $1.2 billion in Q1 2025. This momentum, confirmed by Messari and Syndica, highlights robust growth across major protocols. Notably, stablecoin volumes on Solana skyrocketed 145%, reaching $12.5 billion. Such on-chain metrics reflect heightened user activity and expanding utility across decentralized applications. Meanwhile, Solana (SOL) is trading at $267.80, testing key resistance levels with a breakout forming on the long-term chart.
Protocol Revenue Drives Economic Expansion
Solana’s revenue was steady from April to August 2024, around $100 million per month. Falling back to $60 million in September meant a brief dip. October recovered with revenue spiking to nearly $200 million. November saw the highest spike at $420 million followed by a slight slowdown to $350 million in December.
Source: Cointelegraph
January 2025 became the breakout month, with revenue hitting $700 million. February and March recorded $320 million and $150 million respectively, showing a post-surge normalization. Pump.fun emerged as the top performer, generating $257.3 million in Q1 2025 — a 97% quarterly rise. Phantom followed with $164.3 million, growing 25.4%. Photon, despite a 12.7% decline, contributed $122.4 million. Other notable protocols like BullX, Jupiter, and Raydium showed strong resilience and consistent growth.
SOL Price Structure Hints at Bullish Breakout
Solana’s long-term price is forming a massive ascending triangle, a bullish pattern that often precedes major breakouts. SOL began 2021 under $5 and peaked near $200 before correcting to $30 in 2022. After bottoming, the asset entered a prolonged consolidation, building a base around $10–$20.
Source: Mags
Since mid-2023, SOL has regained momentum, reclaiming the $200 level by early 2024. It now hovers at $267.80, near the upper range of historical resistance. The current structure shows strong support from a diagonal trendline stretching from 2022 to 2026.
Moreover, projections suggest a parabolic move in late 2025, targeting $1,050 and climbing toward $2,650 by 2026. This trend mirrors historical crypto bull cycles, with rapid growth followed by healthy corrections.
