Key Takeaways
Solana wrapped up a strong Q2 with DeFi TVL up over 30% and app revenues more than doubling. Despite a slight pullback in Open Interest and cooling funding rates, SOL’s price structure and technical indicators remain bullish.
Solana [SOL] closed a sizzling Q2.
DeFi activity has surged, app revenues have tripled and the Alpenglow upgrade took things forward.
Real-world asset (RWA) value climbed to nearly $400 million, and fresh funding trends for Q3 look optimistic. Is Solana laying the groundwork for its next big breakout?
Solana: The quarter in review
Solana’s Q2 was marked by a surge in DeFi activity and ecosystem earnings, according to Messari’s recent report.
Total DeFi TVL jumped 30.4% quarter-over-quarter to $8.6 billion, with Kamino retaining its lead after a 33.9% boost.
Source: Messari
At the same time, the network’s Application Revenue Capture Ratio – a measure of how well Solana apps convert economic activity into revenue – more than doubled from 126.5% to 211.6%.
This leap was fueled by increased validator earnings through base fees, priority fees, and MEV tips.
Together, these gains show that users are spending – and builders are getting paid.
Derivatives send mixed signals
Solana’s Open Interest (OI) climbed above $6 billion on the 14th of August before cooling to $5.28 billion.
A wave of leverage entered the market, likely fueling recent price momentum.
Source: Coinalyze
However, the decline in OI following the top is a sign of profit-taking or a flush of overextended positions. Funding Rates also spiked midweek, hinting at bullish sentiment, but later eased to a neutral 0.0009.
Taken together, the data showed that while traders were eager to bet on Solana’s upside, the euphoria has tempered. The market may now be shifting into a consolidation phase as it waits for the next catalyst.
SOL maintains bullish bias
At press time, SOL traded at $188.14, recovering modestly after a three-day pullback.
Price remained above the 9-day and 21-day SMAs ($186.04 and $178.00), so the short-term bullish structure was intact.
The RSI stood at 55.95 – neutral, but slightly leaning bullish – while OBV held steady at 78.6 million.
In fact, interest remained sustained despite recent profit-taking.
Overall, momentum cooled from mid-August highs, but technicals suggested SOL was still in a healthy uptrend with room to reignite upside—if broader conditions turned favorable.