Solana has hit new all-time highs twice before, and according to analyst DJ Ha Trang, a third leap toward fresh highs is already taking shape, even if the exact timing remains uncertain.
Solana’s first major run came in November 2021, when the network found genuine product market fit as the fastest and cheapest chain available, propelling SOL to an all-time high of $260 during that year’s NFT boom and DeFi expansion. That momentum collapsed alongside FTX, sending Solana back down to around $10 and leaving many investors doubtful.
The ecosystem kept building anyway. Fueled by the 2024 memecoin wave, Solana clawed back to a new all-time high of $290 in January 2025. Ha Trang’s research report, titled “Primed for the Third Leap,” argues the network is now positioning for a third run, this time built on a broader foundation than NFTs, DeFi, or memecoins alone.
How Solana Captured Over Half the Market
Solana now holds 54% of spot trading market share, with $425B in monthly volume, according to Ha Trang, a dominance she attributes to two main factors.
The first is infrastructure. Solana has spent years reinforcing its position as the fastest, cheapest chain available, and recent research shows it delivering better trade execution for SOL to USDC pairs than centralized exchanges, a gap that appears to be widening across other trading pairs too. “Solana is not just competing with other layer ones,” Ha Trang said. “They’re directly competing with centralized exchanges.”
The second factor is aggressive business development. Through platforms like Sunrise and Backpack Securities, new assets are being listed on Solana on a near-weekly basis. Bitcoin, SpaceX stock, and even Robinhood shares are tradable on Solana today, alongside tokens like HYPE, ENA, and Morpho, positioning the network as what Ha Trang calls the home of “internet capital markets.”
The Price Target: Breaking $300
Asked directly for a forecast, Ha Trang didn’t hesitate. “Given that the previous all-time high is $290, I think we can target more than $300 this time,” she said, predicting Solana will set a new record once this third leap plays out.
The timing is far less certain. Solana’s previous all-time high was $290, which it reached back in January 2025, and Ha Trang said the current crypto winter could persist for some time yet. Some analysts see 2028 as the likely turning point for crypto’s next bull cycle, meaning roughly another year of sideways or difficult conditions before momentum shifts.
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