NAIROBI (CoinChapter) — Solana has surpassed Ethereum in Q1 2025 network revenue, generating $819.08 million from transaction fees and out-of-protocol revenue, according to data by The Block. That figure is nearly three times higher than Ethereum’s $282.07 million and dwarfs Bitcoin’s $51.97 million.
The revenue leaderboard places Tron next after Solana and Ethereum with $156.86 million, followed by BNB Chain with $70.71 million. The total Layer-1 and Layer-2 revenue combined stood at $1.42 billion, with Solana accounting for over 57% of that total.
The numbers sparked reactions across the crypto community. “BREAKING: Solana generated more revenue in Q1 2025 than all other L1 & L2 chains combined,” wrote SolanaFloor in a post on X.
SOL Price Breakout Eyes $218 as Bullish Setup Gains Traction
Solana’s technical setup now points to a 60% rally toward $218. The SOL/USDT chart shows the token breaking out of a descending wedge pattern, a structure that often signals a bullish reversal. At the time of writing, SOL traded at $133.99, down slightly intraday but above recent lows.
According to data from TradingView Solana price projects a price target of $218 based on Fibonacci levels. The move implies a 60.84% upside from the breakout point. However, a rejection at $142 earlier this week highlighted short-term selling pressure.
Trader Alexia warned that failure to reclaim $135 could push SOL toward support zones at $112 and $100. “Weak price action = bearish trend,” she added, citing the recent rejection as a key resistance confirmation.
Whales Look to Buy the Dip as ETF Momentum Builds
Despite the rejection, some market participants remain optimistic. Analyst CryptoBullet posted that he expects a short-term pullback to the $118–$109 region before another leg higher. He plans to enter long positions in that range, citing a potential “mid-term wave up.”
Adding to bullish sentiment is a spike in institutional interest. Over a four-day period ending Apr. 17, Solana saw over $270 million worth of new staking deposits. The total staked supply increased by 2 million SOL—from 383.1 million to 385.1 million—according to data from StakingRewards.
This surge in staking, viewed by market participants as a bullish commitment, reduces liquid supply and amplifies upward price pressure. It also follows the repeal of a DeFi-related law by U.S. President Donald Trump, a move that has reinvigorated Solana’s decentralized finance sector.
DeFi and Policy Tailwinds Fuel Long-Term Growth Case
Solana’s rise comes amid a broader rotation into alternative Layer-1 blockchains. The network’s total value locked (TVL) has increased sharply since the repeal of the DeFi regulation last week. This regulatory shift may have catalyzed both the jump in staking activity and a potential ETF push.
Market watchers also interpret the revenue surge as more than a temporary trend. “This is not just about fees. It’s a structural shift in how institutions view altcoin exposure,” one post read, suggesting the Q1 revenue numbers could reflect growing long-term institutional confidence.
In terms of fundamentals, the relative strength index (RSI) for SOL sits around 55, indicating neutral momentum. With bullish patterns forming and macro tailwinds in play, traders remain divided on the short-term outlook but appear aligned on long-term strength.
Notably, Solana’s Q1 performance has placed it ahead of Ethereum in terms of network revenue and stoked momentum in the token’s technical structure. Moreover, while short-term volatility remains, data-driven conviction—ranging from staking to DeFi growth—may continue to support SOL’s upward trajectory. The $218 level now stands as the next major target, provided bulls can hold key support zones and absorb incoming selling pressure.
