Solana climbs to $83 as altcoin market diverges from broader downturn

Solana's SOL token surged to a 30-day high of $83, decoupling from an altcoin market that hit its lowest level since December 2023.

SOL rose to $83 on Friday, a 30-day high, as capital rotated into Solana while the broader altcoin market fell to its lowest since December 2023.

Tokenized assets on the Solana network surged to a record $3.5 billion on Wednesday, up from $2.7 billion one month prior, according to RWA.xyz data. Solana now leads the tokenized industry with 294,274 active addresses, compared with Ethereum's 204,955.

The rally gained momentum after cumulative tokenized stock transfers on Solana surpassed $10 billion on June 23, coinciding with Backpack's launch of SpaceX share trading. Memecoin activity also reignited after the airdrop of The Black Bull (ANSEM) on Pump.fun, which reached a $112 million market capitalization. The Pump.fun platform token (PUMP) rose 27% over the past week to a $630 million market cap.

Despite the price surge, appetite for bullish leveraged positions has cooled sharply. SOL perpetual futures annualized funding rate dropped to 3% on Friday from an 11% peak two days earlier, according to Laevitas data. Under neutral conditions, the indicator should range from 6% to 12% to offset capital costs, suggesting traders are hesitant to bet on a continued rally toward $90.

The launch of World prediction markets integrated on Phantom wallet has created expectations for increased Solana activity. The project gathered nearly $890,000 in total value locked in two days and aims to compete with Polymarket during the World Cup betting frenzy. Jupiter has also unveiled its prediction markets under beta test on June 29.

Solana recorded a record 3.77 billion non-vote transactions in June 2026, according to SolanaFloor data, showing the network's growing adoption. The network processed $6.8 million per day in ecosystem fees, though the slice that flows back to SOL holders remains modest because transaction fees are set in fractions of a cent.

The divergence between Solana and the broader altcoin market raises questions about sustainability. Without sustained demand for blockchain activity beyond temporary memecoin surges, SOL may struggle to widen its performance gap relative to other altcoins, according to Laevitas data showing declining leveraged appetite.

This article is for informational purposes only and does not constitute investment advice.