Solana-based DoubleZero looks to meet institutional demands by adding prediction market Kalshi’s order book to its low-latency market data feed.
Wallets and apps on Solana can now tap MoneyGram's global network to move between digital assets and local currencies.
The new Lend v2 product turns deposits and borrowed assets into trading liquidity, tying higher returns to whether Jupiter’s router can send enough swap flow to the new vaults.
The Solana vault splits income from Strategy’s preferred stock into a lower-risk senior token and a higher-risk junior token.
Michael Coates, the foundation’s new CISO, said that AI vulnerabilities and fake identities will drive the next wave of blockchain security concerns.
Dogecoin dropped 4.5% and ether 2.5%, leading a broad but shallow retreat across the majors, though most remain higher on the week ahead of next week's Fed meeting.
The attacker used a $1.12 million flash loan from Kamino to manipulate pool ratios, enabling them to withdraw assets at favorable rates before bridging funds.
The SBI Solana Global joint venture now includes the Solana Foundation, the Swiss organization that oversees the layer-1 network.
Validators and the people who stake with them can now formally signal where the network should go through a new system called Solana Governance Proposals. Any validator with 100,000 SOL behind it can open one, and stakers can overrule how their validator votes.
The platform is now live within the Phantom wallet and at world.xyz, utilizing Chainlink as its primary oracle infrastructure for market data.
Tokenized stock trading fueled fresh momentum across the Solana ecosystem, while Aave founder hinted at token buybacks coming under new framework.
The remittances firm has become a validator on the Solana blockchain, helping process and secure transactions as it expands its stablecoin payments strategy.
The announcement reflects a crypto's growing recognition that adopting quantum-resistant cryptography could take years, requiring changes not only to user wallets but also to core protocol infrastructure.
The ratings giant is embedding credit scores directly into blockchain-based securities, a move aimed at boosting institutional adoption.
The firms making that possible say eligible shares can also be converted back into tokens, creating a bridge between traditional brokerage accounts and blockchain-based markets.
The move marks an integration of blockchain-based payments into a major live sporting and gaming event.
After a steep selloff that reinforced bearish momentum, Solana appears to be entering a period of consolidation as Wave 4 unfolds. Such corrective phases often offer short-term relief and can also serve as a launching pad for the next leg of a downtrend. As the market searches for direction, the key question remains whether buyers can build a meaningful recovery or if another decline is waiting around the corner. Wave 4 Correction Takes Shape Amid Cooling Selling Pressure Analyzing Solana’s wave outlook on the 30-minute time frame, Elliott Waves Academy noted that the pair may be gearing up for another significant downside move following a decisive breakdown from its price channel. The recent decline has reinforced bearish sentiment, with price action signaling that sellers remain firmly in control of the broader trend. Related Reading: Why It’s Time To Start Paying Attention To Solana Before It Stages A Repeat Of 2024 According to the analysis, Solana has already reached the 261.80% Fibonacci extension level, suggesting that wave 3 has completed. As the strongest and most impulsive phase of the trend, wave 3 has played a key role in driving the current bearish structure lower. With wave 3 finished, the market appears to have entered wave 4, a corrective phase that typically follows an extended decline. Given the aggressive nature of wave 2 earlier in the sequence, wave four is expected to be more subdued, likely developing through sideways consolidation or a corrective triangle formation as the market temporarily stabilizes. Once the corrective structure is complete, attention will shift to the next bearish leg. A breakdown below the key support level of the correction could trigger wave five, opening the door for a decline toward the $81.33–$78.69 zone, representing the next downside targets for bearish traders. Three Months Of Consolidation Unleash A Powerful Breakout For Solana Crypto analyst Daan Crypto Trades pointed out that Solana delivered the expected 20–30% move after finally breaking out of its multi-month trading range. Such explosive price action is often seen after extended periods of consolidation, where volatility remains compressed before a decisive breakout triggers a strong directional move. Related Reading: Solana Just Made History, Could A Massive Recovery Be Next? The analyst emphasized the importance of waiting for confirmation. Once price escapes a range that has held for more than three months, momentum tends to accelerate rapidly, creating sizable opportunities for traders who react to the confirmed move rather than trying to predict it. Solana is now retesting a crucial weekly support level. According to Daan, this area represents one of the last major support zones on the chart, making it a critical battleground for bulls. Holding this level and reclaiming key horizontal resistance levels above could help restore bullish momentum and strengthen the case for another upward leg. Featured image from iStock, chart from Tradingview.com
Solana has been struggling with selling pressure as the broader market feels the weight of a correction that has tested support levels across the ecosystem. The price is under stress — and data from Arkham Intelligence has identified a specific institutional transaction that adds a direct supply dimension to the current weakness on one of the most closely watched blockchains in crypto. Related Reading: HYPE Defies Market Selloff As Whales Withdraw Another $108M From Exchanges Forward Industries — a publicly traded company that has been building a Solana treasury strategy, accumulating SOL as a primary reserve asset in a model that draws direct comparison to MicroStrategy’s Bitcoin approach — has deposited 455,784 SOL worth approximately $31.87 million to Coinbase Prime after a month of complete inactivity. Forward Industries moves Solana to Coinbase | Source: Arkham A company that has been building a SOL treasury and has shown no exchange-directed activity for a full month, choosing this specific moment to move nearly $32 million worth of Solana to Coinbase Prime, describes a deliberate decision rather than routine portfolio management. Whether the deposit represents preparation for selling, a financing arrangement, or strategic repositioning is the question the Arkham data raises — and the answer carries direct implications for Solana’s ability to hold current support levels. Forward Industries Is Sitting on a Massive Loss The Arkham data reveals the full scale of what Forward Industries has built — and what the market has done to it since. Since launching its Solana treasury strategy in September 2025, the company has deployed approximately $1.59 billion to acquire 6.83 million SOL at an average price of $232.08 per token. At current prices, those 6.83 million SOL are worth approximately $458.6 million. The unrealized loss on the position sits at roughly $1.13 billion — a drawdown of approximately 71% from the average entry price that places Forward Industries in a significantly underwater position on what was intended to be a long-term strategic reserve. Related Reading: Bitcoin’s Most Important Metric Flashes Warning As Bulls Fight To Hold $60K The context that makes the Coinbase Prime deposit alarming is the combination of that loss magnitude and the preceding month of inactivity. A company sitting on $1.13 billion in unrealized losses that has been dormant for a month and then moves $31.87 million worth of SOL to an institutional execution venue during a market selloff is a company facing questions that the deposit alone cannot answer. Whether the Prime deposit represents a financing arrangement against the existing position, a partial liquidation to manage balance sheet pressure, or a strategic repositioning decision is the question the market is now pricing into Solana’s current price action — and the answer will determine whether the $31.87 million deposit is the beginning of a larger supply event or an isolated operational movement. Solana Breakdown Accelerates As Bears Target February Lows Solana remains under intense selling pressure, with the daily chart showing a decisive breakdown below the multi-month consolidation range that held between roughly $80 and $90 throughout March, April, and most of May. After losing support near the 200-day moving average, sellers quickly regained control and pushed SOL toward the $66 area, its lowest level since the February capitulation event. Solana setting fresh lows | Source: SOLUSDT chart on TradingView The technical structure has deteriorated significantly. SOL now trades below the 50-day, 100-day, and 200-day moving averages, with all three averages sloping downward. This alignment confirms a bearish trend across multiple timeframes and suggests that rallies are likely to face heavy resistance rather than attract sustained buying. Related Reading: Bitcoin Falls Below $66K As Short-Term Holder Stress Reaches February Levels Volume has also expanded during the decline, indicating that the recent move is supported by aggressive participation rather than a lack of liquidity. The large red candles seen during the breakdown reinforce the idea that sellers remain dominant despite oversold conditions. From a price structure perspective, the February low near $63-$65 has become the most important support zone on the chart. This area previously triggered a strong recovery and now represents the bulls’ final line of defense. A decisive break below it could open the door toward the psychological $60 level and potentially lower. Featured image from ChatGPT, chart from TradingView.com
Crypto analyst Crypto Patel has made a bullish case for Solana, explaining why it is time to start paying attention to the crypto asset. This came as he noted that SOL has printed 8 consecutive red monthly candles for the first time in its history. Why It Is Time To Start Paying Attention To Solana In an X post, Crypto Patel stated that Solana had just printed 8 consecutive red monthly candles in its existence and that this is worth paying attention to. He reiterated that this has never happened and then cited the 2021 bear cycle to explain why this could be significant for SOL. The analyst noted that back then, SOL crashed to around $8 after it topped at its all-time high (ATH) of $260 in November 2021. Related Reading: Solana Price Struggles Below $100, But This Level Changes Everything Crypto Patel mentioned that the 2021 bear phase also produced 9 red monthly candles, but that they were not consecutive. The 9th red candle is said to have marked the exact bottom at $8. Following the bear market bottom, SOL then went on to record a brand new ATH near $295 over the following years. The analyst noted that the current setup appears different and arguably stronger, with SOL forming 8 consecutive red candles, from a high of $253 down to a low of $67, and now the 9th monthly red candle is forming. He said that market participants have to wait for this month’s close before confirming anything, but that history has provided a familiar map. Crypto Patel further explained that if the 9th candle plays out as in the last bear cycle, it would signal a potential macro accumulation zone. He highlighted the $80 to $50 zone as the accumulation range to watch if the price extends lower. Meanwhile, if the fractal repeats itself, the analyst predicts that SOL could rally to a new ATH between $500 and $1,000. SOL Likely Heading Back To $67 In an X post, crypto analyst Jack Adams stated that he is almost certain that Solana is heading back to retest between $67 and $58 once more before it reverses to between $120 and $175 this year. He also mentioned that, based on the SOL/BTC and ETH charts, the crash should happen quickly rather than a slow bleed with regard to the buy zone. Related Reading: If The Bitcoin Price Crosses $400,000, Will The Solana Price Reach $1,500? Meanwhile, the analyst declared that the key monthly zone is within reach before the next bull cycle happens. He made this statement based on the previous monthly wicks and the area where it got heavily rejected earlier this year. SOL has notably suffered one of the largest crashes as the Bitcoin price extends its decline. At the time of writing, the Solana price is trading at around $70, down over 5% in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com
Solana has made history by posting an unprecedented streak of monthly losses, placing the cryptocurrency at a critical crossroads. While the trend remains bearish, similar conditions in previous cycles have preceded major recoveries. Solana Records An Unprecedented Eight Consecutive Red Months In a recent market analysis, Crypto Patel highlighted a remarkable development in Solana’s price history. SOL has now posted eight consecutive red monthly candles, marking the first time such a streak has occurred since the cryptocurrency was launched. This rare event could provide valuable clues about where the market stands within its broader cycle. Related Reading: Solana Clings To Critical Multi-Year Support As Breakout Pressure Builds Drawing comparisons to the previous bear market, the analyst recalled Solana’s dramatic decline from its 2021 all-time high near $260 to a low of approximately $8. During the downturn, SOL produced 9 monthly red candles in total, but they were not consecutive. Notably, the 9th red candle marked the cycle bottom, after which SOL embarked on a powerful recovery that ultimately pushed the asset to a new all-time high around $295. Patel pointed out that the current setup shares some similarities with that of the earlier period, but with notable differences. Solana has already fallen from roughly $253 to $67 while recording 8 straight months of losses, with the 9th monthly candle currently taking shape. While cautioning that it is still too early to draw firm conclusions, the analyst suggested that a repeat of the previous cycle’s behavior could signal the emergence of a macro accumulation zone at the $50–$80 range. A repetition of this pattern raises the possibility of SOL surging to higher levels between $500 and $1,000 during the next major market expansion. Ending Diagonal Pattern Hints At A Potential Trend Reversal On the 4-hour timeframe, Elliott Waves Academy has identified that Solana is currently forming an ending diagonal pattern. This structure represents the wave 5 of a bearish impulse, which is nested within a larger-degree impulse sequence, suggesting the asset is nearing the conclusion of its immediate downward trajectory. Related Reading: Solana Price Structure Suggests Temporary Recovery Before Next Major Decision The recovery outlook will be confirmed once this pattern is finalized, specifically through a clean breakout of a key level and the upper boundary of the pattern. Once established, this confirms the beginning of an upward corrective wave. Based on the length of the preceding wave, the price is ideally projected to target the ratios outlined on the chart as it attempts to stabilize. While the initial targets are clear, the upward movement is likely to extend further depending on evolving market developments. If the price breaks decisively above the wave peak, it would significantly strengthen the bullish scenario, paving the way for a more substantial recovery. Other technical factors bolstering this bullish outlook are a clear five-wave impulse structure representing wave (1)/(A), alongside a strong reversal pattern forming near the diagonal’s lower boundary. Furthermore, the internal corrective movements observed are consistent with the formation of the expected diagonal. Featured image from Pixel Plex, chart from Tradingview.com
Solana is approaching a pivotal moment as price continues to defend a key multi-year support zone near the $79 level. After months of consolidation and repeated failed breakouts, growing signs of accumulation are now fueling speculation that SOL could be preparing for its next major upside attempt. SOL’s $79 Support Emerges As The Most Critical Level On The Weekly Chart Strategist Scient identifies two critical price levels that define Solana’s macro landscape: the 2024 low at $79 and the impulsive high at $210. This $210 level is particularly significant, as it marks the peak of the 2021 altseason. Since that time, the market has attempted to reclaim this threshold on three separate occasions, only to be met with rejection each time. Related Reading: Solana Price Structure Suggests Temporary Recovery Before Next Major Decision The narrative of these failed breakouts reveals a challenging multi-year structure, with the second rejection, originating from the 2024 lows, igniting a year-long consolidation phase that culminated in a third failed attempt in September 2025. Following that final setback, selling pressure intensified, leading to a swift retracement to the 2024 low, where accumulation has been ongoing. SOL’s price action is exhibiting clear signs of accumulation while hovering near these historical lows, which sets the stage for a potential breakout attempt. Interestingly, Scient notes a poetic irony in the current setup: if SOL successfully establishes a bottom at the $80 level, it would mirror the historical support Ethereum found during its previous bear market cycle. The $79–$80 zone serves as the line in the sand for Solana’s structural integrity. As long as the price maintains this support, the bullish setup remains intact. However, a breach below this level could trigger a significant drawdown toward the mid-$20s. With the price currently trading above this vital support, the setup allows investors to position their bets cautiously within this critical consolidation range. Solana Breaks Out Of Macro Downtrend On The Daily Chart Complementing the weekly outlook, Scient’s secondary analysis of the daily chart highlights a pivotal shift in Solana’s macro structure. The asset has decisively broken out of its long-standing macro downtrend, effectively flipping the trend to the upside. This marks a second bullish retest of this broken trendline, yielding a clean bounce that serves as textbook confirmation for technical traders. Related Reading: Solana To $500? Why Bulls Think AI Could Change The SOL Story This bullish momentum is further validated by the volume profile, of which a significant portion of it from the previous highs has been absorbed, with current market activity showing a concentration at these levels. From current levels, there is little resistance leading up to the $120 mark, creating a clean runway for the price. This lack of overhead supply suggests the market is positioned to move swiftly through this vacuum with minimal selling pressure. When these daily developments are synthesized with the broader weekly context, the resulting setup becomes increasingly compelling. Featured image from Adobe Stock, chart from Tradingview.com
The launch comes as crypto companies increasingly focus on tokenizing traditional financial assets, a market many in the industry see as a major growth opportunity.
Researchers and builders believe that artificial intelligence may be accelerating the quantum timeline and forcing a broader rethink of how digital security works.
A recent report highlighted three major reasons Solana (SOL) has struggled to keep pace with Ethereum (ETH), at least from a market performance perspective that goes beyond day-to-day price movements. Market expert Dominic Basulto from The Motley Fool pointed to factors that, in his view, have shaped investor sentiment and affected Solana’s momentum in key areas. The Meme Coin Hangover One of the most important drivers, Basulto said, is how many investors still associate Solana with the meme coin craze of 2024. During that period, Solana became the preferred destination for people minting and trading meme coins, and the conversation frequently included the idea of a “meme coin supercycle.” At its high point, the meme coin market was valued at around $150 billion. Today, Basulto said the segment is worth less than $40 billion, and many individual meme coins are still far below their 2024 highs. For some investors, according to the expert, the connection between Solana and that hype cycle never fully faded, which may have contributed to lingering hesitation toward the network. Related Reading: Hyperliquid (HYPE) Breaks New All-Time High—Surges Past $62 As Momentum Spikes A second explanation involves Solana’s attempt to build a mobile-first crypto ecosystem—and the belief that it never took off as its early ambitions suggested. Back in June 2022, Solana announced the launch of a mobile device called Saga, along with a broader mobile strategy. Basulto noted that the Saga was positioned as a breakthrough, but at a price of $999, it struggled to compete with mainstream smartphones. While Solana later introduced a cheaper alternative, the bigger idea of creating a mobile crypto environment did not seem to catch on with investors or consumers at the scale required to create a sustained advantage. Solana ETF Momentum Falls Short The third reason Basulto raised centers on Solana exchange-traded funds (ETFs) and the expectation that they would draw in a meaningful wave of institutional interest. He noted that eight spot Solana ETFs are now trading in the US, but they have not achieved the momentum seen with spot Bitcoin (BTC) ETFs, which launched in January 2024. The rollout of spot Solana ETFs was widely viewed as a potential catalyst—something that could bring more institutional capital into the space. Instead, Basulto said Solana ETF momentum has remained limited. He estimated that total assets under management (AUM) for spot Solana ETFs are currently about $1.1 billion, which contrasts sharply with spot Bitcoin ETFs that reportedly pulled in $100 billion in less than 12 months. Related Reading: Bitcoin Miners Warn No Bottom Yet, CryptoQuant Says—What On-Chain Metrics Reveal Even so, Basulto’s overall conclusion was not pessimistic. He argued that Solana may still represent a stronger long-term investment compared with Ethereum, based on what he described as a visible shift in Solana’s direction. In his view, Solana is pivoting away from meme coins and moving toward stablecoins, while also strengthening its presence in decentralized finance (DeFi). Basulto added that Solana remains faster and cheaper than Ethereum, and that these advantages could keep drawing developers and users toward Solana over time. At the time of writing, SOL was trading at around $86, with losses recorded across all time frames, amounting to a 51% drop year-to-date (YTD). Meanwhile, ETH was trading just above $2,100, also recording losses across all time frames and a YTD drawdown of 20%. Featured image created with OpenArt, chart from TradingView.com
Solana continues to trade within a cautious consolidation phase, with price action suggesting that a temporary recovery may develop before the market makes its next major directional move. While short-term momentum has started to stabilize, SOL still faces key resistance barriers that could determine whether the current bounce evolves into a stronger breakout or fades into another corrective wave. Solana Corrective Recovery Scenario Begins To Take Shape Focusing on the 1-hour timeframe, Elliott Waves Academy identifies a potential short-term recovery for Solana. This corrective move is modeled as wave (2)/(B), likely taking the shape of a complex double zigzag structure as the market attempts to stabilize after recent downward momentum. Related Reading: Solana Fails Channel Breakout—$78 Support The Next Destination? To confirm this recovery path, a decisive breakout above the upper boundary of the current diagonal pattern is key. Additionally, clearing the key resistance level tied to the previous bearish wave would significantly bolster the case for this upward correction, which is expected to evolve within the defined price channel shown on the chart. The primary target for this relief rally resides within the 50% to 61.8% retracement zone of the preceding decline, with potential for an extension up to the 78.6% level. Ultimately, the structural outlook depends on how the price interacts with this resistance zone. If the recovery gives way to renewed selling, the area will likely act as a focal point for seller concentration. However, should the market establish higher lows and follow up with a series of impulsive waves, the trend would shift toward sustained upside potential. Solana Remains Stuck Inside Broad Range Structure MCO Global DE noted that Solana continues to trade sideways within the same broad range structure that has controlled price action for several months. According to the analysts, the market still lacks a convincing breakout signal, while recent movement on the lower timeframes is dominated by short-term noise. Related Reading: Solana (SOL) Rebound Faces Major Test Near Key Resistance Zone The expert explained that the leading scenario remains largely unchanged, with several important support zones continuing to hold. Immediate support is seen around $81.28, while significant support regions remain between $71.92 and $77.96. MCO Global DE added that another short-term dip cannot be ruled out before Solana attempts a renewed recovery within the larger B-wave structure. At the same time, the analysts warned that the market remains vulnerable to deeper corrective movement as long as the key resistance around the $96 level remains intact. Overall, MCO Global DE believes Solana is still trapped inside a large range-bound structure, with no clear confirmation of a larger bullish breakout at this stage. Until buyers successfully overcome the major resistance levels, particularly near $96 and eventually $110, the broader market outlook is expected to remain cautious and neutral. Featured image from Pxfuel, chart from Tradingview.com
Hyperliquid has overtaken Solana on a fully diluted valuation basis, according to Arkham, adding a new market marker to one of crypto’s most closely watched comparisons: the rise of application-heavy, revenue-generating chains. Arkham summarized the move directly on X, writing: “Hyperliquid has flipped Solana by FDV.” The accompanying Solana market page shows SOL trading around $86.51, with a fully diluted valuation of roughly $54.22 billion, a circulating market capitalization near $49.99 billion and 24-hour volume of about $2.74 billion. The same screen listed Solana’s current supply at 577.86 million SOL and max supply at 626.75 million SOL. On Arkham’s Hyperliquid page, HYPE was shown trading at $56.71, giving the network a fully diluted valuation of about $54.57 billion. That puts it slightly above the Solana FDV shown in Arkham’s Solana screenshot, at roughly $54.22 billion. The comparison is notable because Hyperliquid’s circulating market capitalization was much smaller, at about $13.28 billion, reflecting a current supply of 238.39 million HYPE against a max supply of 962.27 million. Arkham also showed 24-hour HYPE volume of roughly $1.20 billion, with the token trading near its listed all-time high of $59.30. Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK — Arkham (@arkham) May 21, 2026 Hyperliquid And Solana Lead All ‘Revenue Chains’ The FDV flip comes as Hyperliquid has also been showing up at the top of crypto revenue rankings. In post on X, Bitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in total revenue, ahead of Solana at $532.34 million. TRON followed at $471.20 million, while Ethereum was shown at $425.56 million. Related Reading: Bitwise Bullish on Hyperliquid: HYPE Labeled ‘Undervalued’ As It Rallies 20% Horsley framed the comparison less as a zero-sum fight between HYPE and SOL and more as evidence of a broader category emerging inside crypto. “There’s a new class in crypto: the revenue chains,” Horsley wrote. “The leaders are Hyperliquid & Solana. Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc.” That framing matters because the Hyperliquid-Solana comparison is not purely about market capitalization. It is also about where users, liquidity and trading activity are concentrating. Hyperliquid’s revenue profile has become central to the HYPE thesis, while Solana remains one of the largest high-throughput ecosystems in crypto, with broad activity across trading, DeFi, consumer applications and token issuance. Related Reading: Hyperliquid ETFs Send HYPE Closer To All-Time Highs—Here’s What The Data Shows Horsley argued that both networks are positioned around the same structural tailwind: capital markets moving onchain. “I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile,” he wrote. “In the case of the revenue chains, they are riding the wave of capital markets coming onchain.” Solana Camp Downplays Rivalry Solana co-founder Anatoly Yakovenko also pushed back against the idea that Hyperliquid’s rise should be treated as a threat to Solana’s roadmap. Responding to a post about Hyperliquid, Yakovenko wrote: “I am not worried about someone else succeeding. Whether hype succeeds or not isn’t going to change what I or the rest of the Solana ecosystem will be working on.” Yakovenko once again presented Solana-based Phoenix Trade as a better version of Hyperliquid: “Try Phoenix Trade my HL brother.” Meanwhile, Horsley highlighted the success of both. “If you are rooting for HYPE or SOL or both, success will be less about the competition between the two — healthy ofc — but rather the rise of onchain capital markets,” he wrote. “Root for capital markets coming onchain.” At press time, HYPE traded at $58.354. Featured image created with DALL.E, chart from TradingView.com
CoinShares data shows investors are rotating into listed products based on XRP and SOL while bitcoin and ethereum products posted heavy weekly outflows.
Hyperliquid’s lead in onchain perpetuals drew a fresh challenge from the Solana ecosystem after Solana co-founder Anatoly Yakovenko, known as Toly, argued that Solana needs its own atomically composable perp DEX inside the SVM. The debate comes as Hyperliquid is already trying to define its regulatory path in Washington during the advancement of the CLARITY Act. The exchange began with Hyperliquid co-founder Jeffrey Yan saying he had spent several days in Washington with the Hyperliquid Policy Center, meeting policymakers as the CLARITY Act advanced. According to him, the discussions focused on Hyperliquid, its potential benefits for American consumers, and the regulatory path for bringing onchain derivatives markets into the US framework. That policy push quickly collided with a separate market-structure debate on X, where Toly publicly encouraged users who enjoy Hyperliquid to try a new Solana-based perp DEX. The comment drew pushback from users, who questioned whether the industry needs another perpetuals venue rather than further innovation. Related Reading: HYPE Falls 6% As CME, ICE Target Hyperliquid Over Oil Risks Rune framed the issue directly: “I admire the Solana guys for pushing their apps publicly, genuine respect for the hustle, but maybe the energy should go towards innovation instead of replication.” He added that the central question was what a Solana-native perp DEX could do better than Hyperliquid, beyond competing on fees or copying the same product category. Hyperliquid Vs. Solana Toly’s answer was composability. He argued that the comparison is not fundamentally different from asking why Hyperliquid was needed when Binance, Coinbase or CME already existed. “It’s like asking what can Hyperliquid do that Binance or Coinbase or CME can’t?” Toly wrote. “Solana’s SVM needs an atomically composable perp DEX in its runtime so innovation can flourish. Apps built inside the SVM can’t use HL because you have to bridge there.” The disagreement cuts to the core of how different ecosystems view derivatives infrastructure. Hyperliquid has built its case around a vertically integrated, onchain exchange experience that appeals to traders seeking self-custody, speed, and a non-CEX interface. Rune acknowledged that Hyperliquid had answered its own “why exist” question through “self-custody, no KYC, community-owned,” but pressed whether composability alone is enough for a Solana-native rival to win. Toly did not argue that success is guaranteed. Instead, he framed the market as large enough to justify aggressive experimentation from Solana teams, especially if the base layer can support products that compete with centralized venues. Related Reading: Hyperliquid (HYPE) To $100? Expert Forecasts Major Rise Before Summer 2027 “The 10B OI is the opportunity,” he wrote, referring to open interest. “It’s a small fraction of what Binance, CME, Coinbase, NYSE have. Why wouldn’t I want Solana to compete for the chunk of the global market?” He added that Binance and other incumbents are unlikely to leave that market uncontested, and that Hyperliquid’s own growth has already validated demand for a DEX-style trading interface. “HL proved that people will trade with a DEX interface instead of a Binance/CME style one,” Toly said, while pointing to Solana ecosystem teams and hackathon winners as examples of broader experimentation. The debate also drew attention from market participants outside the Solana-Hyperliquid rivalry. Moonrock Capital founder Simon Dedic said he was “neither a Hyperliquid nor a Solana maxi” and did not care much about trading, but argued that Toly’s interest itself was notable. “When Toly, one of the most brilliant, successful and relentless founders in the industry, gets excited about a new product like this, you better pay attention I guess,” he wrote. At press time, HYPE traded at $45.968. Featured image created with DALL.E, chart from TradingView.com
Wall Street and payment giants are quietly taking over Solana, moving billions onto the network for tokenized funds and global payments even as the broader crypto market cools down, according to a new report by Messari.