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Solana (CRYPTO: SOL) is trading 2.85% higher at $142.17 on Tuesday, extending its recent streak of gains and continuing to outpace much of the broader crypto market.
The token is now up 7.15% over the past week and 6.5% over the past month as institutional flows and retail speculation converge to drive momentum.
One of the most talked-about catalysts this week is Galaxy Digital's strategic portfolio shift away from Ethereum (CRYPTO: ETH) and into Solana. According to blockchain data, Galaxy transferred 65,600 ETH—worth approximately $105 million—to Binance and withdrew 752,240 SOL, valued around $98.4 million, over the last two weeks.
The move follows recent commentary from Standard Chartered, which flagged a "structural decline" in Ethereum and slashed its year-end target for the asset, according to CoinDesk. In contrast, Solana's network activity and investor engagement continue to trend upward.
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Solana has also overtaken Ethereum in key usage metrics. According to Dune Analytics, decentralized exchange (DEX) volume on Solana exceeded $500 billion in the last three months, compared to less than $400 billion on Ethereum. Active addresses on the network now stand above 220 million, outpacing Ethereum's 80 million.
Adding to the buzz, the memecoin wave on Solana has reignited thanks to the unexpected surge of Fartcoin, which now trades above $1 and boasts a market cap north of $1 billion.
Speculators have rushed in, with trading volume rising and leveraged bets increasing across Solana-based platforms. While memecoins often carry high volatility and short-lived hype cycles, the spike in activity has drawn more attention to Solana's ecosystem and helped drive up transactional volume and visibility.
From a technical perspective, Solana's break above $140 has opened the door for a potential retest of recent highs in the $145–$148 range. Momentum indicators are firming, and on-chain flow remains positive. Solana is one of the stronger altcoin players in this cycle, especially amid concerns over Ethereum's scalability and Layer-2 fragmentation.
With investor sentiment shifting and market structure favoring fast, high-throughput chains, Solana appears poised to maintain its current trajectory—provided broader market conditions remain supportive.
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