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Bitcoin at Historic Highs: What Next?
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Bitcoin at Historic Highs: What Next?

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This is an analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

As bitcoin BTC$124,781.47 trades in uncharted territory near record highs, traders may be searching for cues on what comes next, especially key levels that could act as magnets or resistance points.

Here are three important levels worth watching closely.

$126,100

This level represents the upper boundary of the broadening or expanding range pattern that has been developing since mid-July. The potential resistance is defined by the trendline connecting the July 15 and Aug. 14 highs.

BTC’s expanding price range. (CoinDesk)

A reversal from this level could trigger a corrective pullback down toward the lower boundary of the range, represented by the trendline drawn from the Aug. 3 and Sept. 1 lows.

$135,000

A breakout from the expanding range would shift focus to $135,000, where market makers currently hold a net long gamma position, according to activity in Deribit-listed options tracked by Amberdata.

When market makers are net long gamma, they tend to trade against the market direction – buying on dips and selling on rallies – to maintain their overall market-neutral exposure. Other things being equal, this hedging activity tends to dampen price volatility.

In other words, the $135,000 level could act as a resistance on the way higher.

BTC options on Deribit: Distribution of delaer/market maker gamma. (Amberdata)

$140,000

Lastly, $140,000 stands out as key level, as data from Deribit shows the $140,000 strike call is the second-most popular on the exchange, holding a notional open interest of over $2 billion.

Notional open interest refers to the dollar value of the number of active or open options contracts at a given time.

Levels with large concentrations of open interest often act as magnets, drawing the price of the underlying asset toward them. A high open interest in call options suggests that many traders expect the spot price to approach or top that level.

At the same time, those who have sold these calls, often large institutions, have an incentive to keep the price below that strike. Their hedging and trading activity around that level can create resistance, making it harder for the price to break through.

BTC options: distribution of open interest. (Deribit Metrics)



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Crypto Trends

SEC Silence Stalls Litecoin ETF Decision as LTC Price Holds Near Monthly Highs

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Litecoin (LTC) remains steady near its monthly highs despite new regulatory setbacks, as the U.S. Securities and Exchange Commission (SEC) failed to act on Canary Capital’s proposed spot Litecoin STF. The deadline passed on Thursday without any update, leaving the much-anticipated product in limbo.

The delay occurs at a crucial time for crypto ETFs, coinciding with a U.S. government shutdown that has hampered financial oversight and added to the complexity of the approval process.

LTC’s price trends to the upside on the daily chart. Source: LTCUSD on Tradingview

SEC Misses Deadline as Litecoin ETF Rules Shift

The SEC was expected to decide on Canary’s application by Thursday, but no update was issued. Analysts observe that the delay may be due not only to the shutdown but also to a broader shift in how crypto ETFs are managed.

Earlier this year, the SEC began phasing out the traditional 19b-4 filing process, which has been historically associated with strict deadlines, in favour of S-1 registration statements.

Bloomberg ETF analysts James Seyffart and Eric Balchunas argue this transition means old deadlines “no longer matter” under the regulator’s evolving framework. Instead, approval timelines may now depend on the SEC’s broader review of new listing standards, making the process less predictable.

Shutdown Complicates ETF Reviews

The U.S. government shutdown is intensifying the delays. Although the SEC continues with limited operations, its contingency plan, published in August, confirmed that reviewing new financial products, including ETF filings, would be paused during a shutdown.

This has left Canary’s Litecoin ETF, along with several other altcoin-based products, in a holding pattern.

Pending applications for Litecoin, Solana, XRP, Cardano, Avalanche, and Dogecoin ETFs are among those affected. These would build on the success of spot Bitcoin and Ethereum ETFs, which have already attracted more than $74 billion in inflows.

However, Litecoin faces additional scrutiny, as its regulatory classification remains less clear than Bitcoin’s status as a commodity.

Litecoin Price Remains Resilient

Despite the regulatory uncertainty, Litecoin’s price has stayed resilient. At the time of writing, LTC was trading around $118, approaching a two-month high of $122.

Analysts suggest that if the token can surpass resistance near $121, a new rally might be triggered. The consistent upward trend indicates investor confidence that approval is more a matter of timing rather than rejection.

Market observers describe the SEC’s silence as more of a “rain delay” than a denial. Once the shutdown concludes and new listing standards are fully implemented, analysts expect the ETF decision process to speed up.

Cover image from ChatGPT, LTCUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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BTC Nears Record Highs as Total Market Cap Peaks at $4.21T
Crypto Trends

BTC Nears Record Highs as Total Market Cap Peaks at $4.21T

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Key takeaways: 

  • Bitcoin rallied 14% in a week, eyeing $124,000 amid a US government shutdown.

  • Onchain data showed a $1.6 billion surge in buying and a Coinbase premium gap of $92, signaling US-led demand.

  • Analysts see resistance near $130,000, with price discovery possible next week.

Bitcoin (BTC) has staged a fierce rally over the past week, climbing 14% to trade a few dollars away from $124,000 from a range low near $108,600 last Friday. This surge could nudge Bitcoin into fresh price-discovery territory above $125,500, as the total crypto market cap pushed above $4.21 trillion, a mark that underscored the broad strength of this rally.

Bitcoin one-day chart. Source: Cointelegraph/TradingView

One surprising catalyst behind this price rise is the US government shutdown and how markets appear to be ignoring it. As federal agencies furlough staff and economic data releases face delays, investor uncertainty is rising.

In these conditions, Bitcoin has directly benefited, rising 8% since the shutdown, with traders positioning around the lack of clear policy direction. The government halt also complicated the Federal Reserve’s decisions since inflation and jobs data could be postponed, heightening speculative flows into crypto.

In comments to Cointelegraph, Bitfinex analysts said,

”Bitcoin’s movement toward a new all-time high appears genuinely organic. We suspect that Trump’s announcement of potentially considering a stimulus cheque for every citizen, funded by tariffs, could also contribute to a further rise in Bitcoin’s price. This could mirror what we witnessed following the Covid stimulus cheques. Meanwhile, steady ETF inflows provide a clear tailwind.”

Referencing macroeconomic conditions in the US, the analysts explained that “macro conditions remain supportive, with inflation easing and the Federal Reserve adopting a more dovish stance, which boosts appetite for risk assets. […] If inflows remain consistent and macro data does not deliver any upside surprises, the path toward more new all-time highs in Q4 appears well supported.”

Onchain BTC buying pressure mounts

Onchain data confirmed the surge is driven by strong demand. Analyst Maartunn noted a taker buy volume spike of over $1.6 billion in one hour across all exchanges.

Meanwhile, the Coinbase Premium Gap, which measures price differences between Coinbase and Binance, rose to $91.86. Analyst Burak Kesmeci explained that US investors are paying nearly $92 more per Bitcoin on Coinbase, signaling strong US-led demand. 

Bitcoin Coinbase Premium Gap. Source: CryptoQuant

However, this is the highest premium since mid-August, a level where bullish momentum has historically cooled in 2025. 

Related: Bitcoin due for squeeze as record $88B open interest sparks ‘flush’ worries

Price discovery outlook for next week

With Bitcoin pressing near record highs, analysts expected price discovery in the coming week. Crypto trader Jelle noted,

“$120,000 being turned into support today. Hold it over the weekend, and I expect price discovery to resume as early as next week.”

Trader Rekt Capital described this stage as “Phase 3 Price Discovery” of the current cycle, the breakout phase, where new highs get established.

Analyst Skew pointed out that while demand is robust, heavy sell orders cluster around $130,000, making that the next key resistance. The analyst also highlighted the strong US inflows via Coinbase and large “risk-on” positioning on Binance, stressing that the upcoming daily closes will be critical in confirming whether BTC can sustain momentum. 

Bitcoin market analysis by Skew. Source: X

Related: Stablecoins break $300B market cap, post 47% growth year-to-date

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



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Bitcoin Chases New All-time Highs, Altcoins Gear Up to Follow
Crypto Trends

Bitcoin Chases New All-time Highs, Altcoins Gear Up to Follow

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Key points:

  • Solid inflows into spot Bitcoin ETFs show that bulls are back in the driver’s seat and a rally to a new all-time high is likely.

  • BNB is leading the altcoin recovery, with several altcoins poised to break above their overhead resistance levels.

Bitcoin (BTC) rose close to $123,900 on Friday, continuing its march toward the all-time high of $124,474. BTC’s recovery is backed by solid demand from the bulls, and the US spot BTC exchange-traded funds recorded $2.25 billion in inflows since Monday, according to Farside Investors data.

Analysts expect BTC to surge to a new all-time high. Capriole Investments founder Charles Edwards told Cointelegraph that BTC could skyrocket to $150,000 before the end of the year as investors seek safe-haven investments alongside gold.

Crypto market data daily view. Source: Coin360

While all signs point to a possible continuation of the uptrend, some analysts are cautious. Trader Roman said in a post on X that the relative strength index (RSI) indicator on BTC’s chart is exhibiting a bearish divergence on both the weekly and monthly time frames. Roman cautioned traders to be “careful holding here.”

Could BTC soar to a new all-time high, triggering a rally in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC surged above the $117,500 overhead resistance on Wednesday, indicating that the buyers are back in command.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The BTC/USDT pair has reached near the all-time high of $124,474, where the bears are expected to mount a strong defense. If the price turns down sharply from the current level of $124,474 and breaks below $117,500, it signals that the bears are active at higher levels. The Bitcoin price may then remain between $107,000 and $124,474 for a while longer.

Instead, if buyers drive the price above $124,474, it signals the resumption of the uptrend. The pair may then rally to $141,948.

Ether price prediction

Ether (ETH) closed above the 20-day exponential moving average ($4,309) on Wednesday and reached the resistance line on Friday.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA has started to turn up gradually, and the RSI has risen into the positive territory, signaling a slight edge to the bulls. Sellers will attempt to halt the recovery at the resistance line, but if the buyers prevail, the ETH/USDT pair could retest the all-time high at $4,957.

The bears will have to pull the price below the 20-day EMA to weaken the bullish momentum. The Ether price could then drop to $4,060.

XRP price prediction

Buyers pushed XRP (XRP) above the downtrend line on Thursday but were unable to achieve a close above it.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

Buyers are again attempting to maintain the XRP price above the downtrend line. If they succeed, the bearish descending triangle pattern will be invalidated. The XRP/USDT pair may then climb to $3.20 and later to $3.38.

This optimistic view will be negated in the near term if the price turns down and breaks below the moving averages. That suggests the breakout above the downtrend line may have been a bull trap. 

BNB price prediction

BNB (BNB) skyrocketed to a new all-time high above $1,084 on Thursday and extended the up move on Friday.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The BNB/USDT pair has broken above the ascending channel pattern, signaling a pickup in bullish momentum. There is minor resistance at $1,173, but if this level is crossed, the rally could extend to $1,252.

The breakout level from the channel and the 20-day EMA ($1,004) are likely to act as strong supports on the downside. Sellers will have to drag the BNB price below $930 to suggest that the pair may have topped out in the short term.

Solana price prediction

Buyers pushed Solana (SOL) back above the uptrend line on Wednesday, suggesting that the corrective phase may be over.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

Any pullback from the current level is likely to find support at the 20-day EMA ($220). If that happens, the SOL/USDT pair could rally to the overhead resistance of $260. Sellers are expected to defend the $260 level with all their might because a close above it could catapult the Solana price to $295.

Sellers will have to tug the price below the 50-day simple moving average ($212) to make a comeback.

Dogecoin price prediction

Dogecoin (DOGE) closed above the 20-day EMA ($0.24) on Wednesday, indicating a slight edge to the bulls.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

Although the DOGE/USDT pair remains stuck inside a large range between $0.14 and $0.29, the price action is forming an ascending triangle pattern. Buyers will have to achieve a close above $0.29 to complete the bullish setup. DOGE may then rally to the pattern target of $0.39.

The bullish pattern will be invalidated if the bears pull the price below the uptrend line. That suggests the pair may extend its consolidation for some more time.

Cardano price prediction

Cardano’s (ADA) recovery rose above the 50-day SMA ($0.86) on Thursday, indicating that the selling pressure is reducing.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to propel the Cardano price above the resistance line to suggest that the correction may be over. The ADA/USDT pair could then attempt a rally to $1.02, where the bears are expected to step in.

Contrarily, if the price turns down from the current level or the resistance line and breaks below the 20-day EMA ($0.84), it suggests that the bears are selling on rallies. The pair may then slump to the $0.75 support.

Related: XRP price reclaims $3, opening the way for 40% gains in October

Hyperliquid price prediction

Hyperliquid (HYPE) surged above the moving averages on Thursday, indicating solid buying at lower levels.

HYPE/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is expected to face selling at the 61.8% Fibonacci retracement level of $51.87. If the price turns down from $51.87 but bounces off the moving averages, it suggests that the sentiment has turned bullish. The HYPE/USDT pair could then ascend to $59.41.

On the contrary, if the price turns down and breaks below the moving averages, it signals that the bears are active at higher levels. The Hyperliquid price could then tumble to $43 and thereafter to $39.68.

Chainlink price prediction

Chainlink (LINK) rose above the 20-day EMA ($22.35) on Wednesday, but the bulls are facing resistance near the downtrend line.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

If the price skids and remains below the 20-day EMA, it suggests that the LINK/USDT pair could stay inside the descending channel pattern for a few more days.

The first sign of strength will be a break and close above the downtrend line. If that happens, the Chainlink price could rally to $26 and, after that, to $27. Sellers will attempt to halt the up move at $27, but if the bulls prevail, the rally could reach $30.94.

Sui price prediction

Sui (SUI) climbed above the moving averages on Wednesday, indicating that the selling pressure is reducing.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

If buyers maintain the price above the moving averages, the SUI/USDT pair could climb to the downtrend line. Sellers are expected to defend the downtrend line aggressively because a break above it could propel the Sui price to $4.20 and subsequently to $4.44.

On the contrary, if the price turns down and breaks below the moving averages, it suggests that the bears have not given up. The pair may then tumble to the $3.26 to $3.06 support zone.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



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Gold's Rare Red Day Allows BTC to Advance
Crypto Trends

When Could Bitcoin (BTC) Price Break New Record Highs? Watch Out for Gold

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Stocks printed fresh records and gold is on a tear crossing $3,900, but the last leg higher in traditional markets left bitcoin BTC$117,536.67 behind.

The largest crypto, often touted as digital gold, has been stuck in a $100,000–$120,000 range for nearly three months after setting new highs in July and August.

The lag fits a pattern. Over the past couple of years, gold and bitcoin have taken turns: when gold breaks out, bitcoin tends to consolidate; when gold cools, BTC often resumes the advance.

BTC versus gold (TradingView)

From January into April, BTC plunged about 30% while gold kicked off its next leg, rising roughly 28% to $3,500 at the height of the global tariff tantrum. Gold then stalled into August, and bitcoin took the baton, rallying about 60% from trough to peak to notch fresh records.

Bitcoin to catch up when gold tires

“Gold likes low rates and a weak economy, whereas bitcoin likes them firm,” said Charlie Morris, chief investment officer at ByteTree, in a recent report. “Because bitcoin likes a super strong economy, and low rates are associated with economic slumps.” He added that the BTC–gold relationship is loose: the 90-day correlation has averaged around 0.1 — “basically zero.”

Right now, gold is in a lockout rally toward $4,000, up about 17% across a seven-week winning streak. Bitcoin, meanwhile, is still ranging below $120,000.

If the recent rhythm holds, a pause in gold, or even a sideways drift, could be the tell for BTC’s next break out of the range and another run at records.

“The good news for bitcoin is that sooner or later, gold will get tired,” Morris said.



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Gold-Backed Cryptos Near $3B Market as Bullion Blasts to Fresh Record Highs
GameFi Guides

Gold-Backed Cryptos Near $3B Market as Bullion Blasts to Fresh Record Highs

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Gold’s historic rally accelerated on Monday, with spot prices punching through $3,800 per ounce to set fresh all-time record, extending a torrid year in which bullion is up roughly almost 47% year-to-date.

That surge is echoing on across crypto rails, with gold-backed tokens climbing to an all-time high market capitalization of $2.88 billion, CoinGecko data shows. Tokenized versions of the metal are backed by physical reserves but settle on blockchain rails, offering round-the-clock trading and near-instant transfers.

XAUT$3,832.20 and Paxos’ PAXG$3,844.14, both tokens issued by firms predominantly known for their stablecoins, are dominating the category. XAUT’s capitalization stood near $1.43 billion and PAXG’s at roughly $1.12 billion, both at their respective all-time highs.

Liquidity has swelled alongside the rally, too. PAXG attracted more than $40 million in net inflows during September and set a fresh trading volume record surpassing $3.2 billion in monthly turnover.

PAXG market cap and token volume (DeFiLlama)

XAUT also posted a record $3.25 billion in monthly volume, per DeFiLlama. Meanwhile, the token’s market cap growth came solely from the underlying metal’s appreciation, as no new token minting happened this month after August’s $437 million jump.

Tether Gold (XAUT) market cap and trading volume (DeFiLlama)

The tokenized gold market could continue gaining as macro conditions remain supportive for the yellow metal. Investors expectations mount for more Federal Reserve rate cuts and a softer U.S. dollar, while anxiety builds over a possible government shutdown in the U.S. Meanwhile, BTC$114,421.03, often dubbed as “digital gold,” is lagging behind gold with a 22% year-to-date return.

Read more: Bitcoin to Join Gold on Central Bank Reserve Balance Sheets by 2030: Deutsche Bank



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NFT Gaming

Bitcoin Hash Rate, Difficulty Hit Record Highs as Miner Supply Spikes

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In brief

  • Bitcoin’s hash rate surged to 1.12 billion TH/s on September 12, marking a new record high.
  • The surge in hash rate has also adjusted Bitcoin difficulty to an all-time high of 136.04T.
  • Experts suggest this outlook has historically preceded an explosive price surge.

After Bitcoin’s recent price surge saw it breach a two-week high amid multi-week record inflows to U.S. spot Bitcoin ETFs, hash rate and difficulty have also hit new all-time highs.

Bitcoin’s hash rate, which is the measure of the network’s total computational power, hit 1.12 billion TH/s on September 12, per Bitinfocharts data. The network’s difficulty, a measure of how computationally hard it is for miners to find a new block on the blockchain, also touched a record high of 136.04T.



Hash rate is the total computational power of all miners that secures the Bitcoin blockchain. The difficulty in finding a block increases once every 2016 blocks are mined, or roughly every two weeks, and it increases if the hash rate increases.

The next difficulty adjustment, per CoinWarz, is scheduled on September 18, 2025, and the current estimate puts the value up 6.38% to 144.72T.

With such a huge spike, Varun Satyam, co-founder of DeFi platform Davos Protocol, told Decrypt that these windows often cause “smaller or inefficient miners to scale back, while larger, efficient operators hold or even accumulate, positioning for the rally to recover their capex.”

With the highly anticipated Federal Reserve rate decision due on September 17 and risk-on markets primed for a 25 basis point rate cut, investors are bullish, expecting Bitcoin’s price to push higher. This outlook coincides with the uptick in miners’ reserves bouncing to a 50-day high of 1.808 million BTC on September 9, per CryptoQuant data, indicating that miners are not looking to sell their stack.

Satyam explained that hash rate surges post-halving have historically preceded price rallies. “We may be entering a similar phase now,” he said, with easing selling pressure and the right macro backdrop, “Bitcoin is primed for a decisive upward move with altcoins riding shotgun.”



Users of prediction market Myriad, launched by Decrypt’s parent company DASTAN, are more sanguine. While over 80% expect it to hold above $105,000 through September, they’re more evenly split on its broader outlook, with just 56% expecting it to top $125,000 by year-end versus 44% who see it dipping under $105,000.

Bitcoin is currently trading at just under $115,000, up 0.8% on the day and 2.3% on the week, per CoinGecko data.

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(CoinDesk Data)
Crypto Trends

Lower Highs Form as Volume Expands on Declines

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Dogecoin defends $0.214 support while ETF speculation drives heightened trading activity.

By Shaurya Malwa, CD Analytics

Updated Sep 4, 2025, 5:08 a.m. Published Sep 4, 2025, 5:08 a.m.

More For You

XRP Symmetrical Triangle Forms Under $3.00, $3.30 Breakout Level in Focus

Token rebounds from session lows with whale accumulation offsetting institutional liquidations, but resistance levels cap momentum.

What to know:

  • XRP traded in a narrow range from $2.81 to $2.87 over a 24-hour period, with large wallets accumulating 340 million XRP despite significant institutional liquidations.
  • Total transaction volume on the XRP Ledger more than doubled on September 1, reaching 2.15 billion XRP.
  • Analysts are divided on XRP’s future, with some predicting a rise to $7–$13 and others warning of resistance below key trendlines.



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NFT Gaming

Bitcoin Miners’ Stocks Hit New Highs in August, Thanks to AI: JP Morgan

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In brief

  • The market cap of top Bitcoin miners tracked by JP Morgan last month soared to a new record.
  • This comes as publicly-traded miners branch out into high-performance computing, analysts at the bank said.
  • The environment for the Bitcoin mining industry has been challenging.

The market cap of top publicly-traded Bitcoin miners soared last month, according to JP Morgan analysts in a note Tuesday, as some of the industry’s largest companies expanded into high-powered computing. 

The analysts wrote that the aggregate market cap of the 13 U.S.-listed miners hit a record high of over $39 billion in August.

The bank tracks miners Hut 8, Core Scientific, TeraWulf, IREN, and Riot, which all trade on stock exchanges. 



Mining the world’s largest cryptocurrency by market value has grown increasingly difficult and expensive. The process has also generated smaller rewards since last year’s halving cut the Bitcoin earned from 6.250 to 3.125. These trends have hurt profitability, even as Bitcoin’s price has risen, prompting miners to look for new revenue sources. 

Miners have often had to sell coins or branch into different industries—like high-performance computing for artificial intelligence—to cover operational costs. 

But branching out into AI data centers is difficult, requiring more complex heating, ventilation, and air conditioning systems than those for Bitcoin mining, experts have told Decrypt.  

Still, some miners have already announced initiatives to convert facilities with Hut 8 last month revealing plans to develop 1.53 gigawatts of new capacity across four U.S. sites. 

The new sites will provide energy for non-mining purposes, the company said. 

Bitcoin was recently trading at $111,285, according to cryptocurrency markets data provider CoinGecko, after rising 2% over the past 24 hours. BTC is down more than 10% after reaching an all-time high of $124,285 last month. 

JP Morgan analysts noted in the Tuesday report noted the declining profitability compared to July as the network hashrate reached record highs but the coin slumped to near its current levels.

In a comment to Decrypt, Darcy Daubaras, CFO of Hive Digital Technologies (HIVE), said that the company’s “dual business model combining Bitcoin mining and high-performance computing” aims to benefit from “two rapidly expanding digital industries.”

“In practical terms, this means HIVE is scaling production of Bitcoin much like a growth business scales output of a core product,” he wrote. “Each incremental exahash increases daily production and revenue potential, while our HPC division provides a complementary revenue stream that grows with demand for compute power. “

But CJ Burnett, chief revenue officer at Compass Mining, told Decrypt that the company believed that the environment was favorable for remaining focused on mining.

“At this point, it’s too early to tell whether the demand for HPC will meet lofty expectations,” he wrote. “We remain focused on infrastructure that keeps bitcoin mining competitive, helping clients secure power-ready sites, interconnection, and long-duration energy, with the flexibility to repurpose assets for HPC if and when demand matures.”

UPDATE (September 2, 2025, 6:20 p.m. ET): Adds HIVE CFO comment. 

UPDATE (September 2, 2025, 7:01 p.m. ET): Adds Compass comment. 

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Why is SOL price up again?
Crypto Trends

SOL price stalls despite Solana’s DeFi TVL nearing record highs

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Solana’s DeFi ecosystem has seen explosive growth, nearing all-time high levels, but SOL continues to lag behind.

Summary

  • Solana’s DeFi TVL is at $11.725 billion, nearing its all-time high in January
  • Despite that, SOL price is lagging behind, far from the January ATH
  • DeFi metrics suggest that SOL may continue to lag behind its DeFi ecosystem

Solana (SOL) is attracting near-record amounts of capital, but its price continues to lag behind. On Thursday, August 28, the total DeFi value locked on Solana reached $11.725 billion, near the record figures in January. At the same time, the total stablecoin market cap was at $12 billion, while bridged TVL amounted to $42 billion.

Solana’s DeFi TVL and stablecoin market cap | Source: DeFiLlama

Yet despite strong metrics, SOL’s price is still hovering around $200, far below its January ATH at $294.33. At the time, Solana’s DeFi TVL was near its current August peak, suggesting that DeFi TVL and the price have started to diverge.

Why SOL price lags behind its DeFi ecosystem

At the same time, the fees generated on Solana remain at a relatively modest $1.68 million daily. This is far from the record $28.89 million in January. Low on-chain revenue is the likely reason why SOL lags behind the growth of its DeFi ecosystem.

On-chain fees on Solana | Source: DeFiLlama

Currently, much of Solana’s ecosystem activity goes through platforms that prioritize low cost. This includes DEX aggregators like Jupiter, which accounts for much of the trading activity on Solana. For these protocols, high TVL equals higher liquidity and better trading conditions.

Still, this does not translate to higher revenue for the Solana network, which is one of the key metrics for Solana’s price performance. Higher revenue translates to higher staking rewards, making Solana more valuable. Due to gains in efficiencies, SOL will likely continue to lag behind its DeFi TVL, at least until fees pick up.



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