thedefiant.io
Solana’s euphoric post-TRUMP run to all-time highs was quickly thwarted by a number of massive memecoin scams and investor unlocks, but six months later, the token is surging against $BTC again, fueled by digital asset treasury (DAT) speculation.
The $SOL/$BTC ratio touched 0.002 today, its highest level since February 16, just two days after the LIBRA memecoin scandal. The ratio is now up nearly 54% from its low in June.
While $SOL holders will welcome the reprieve, $SOL/$BTC is still 35% below its cycle top of .0031 in March 2024, and 57% off its all-time high of .0047 in September 2021.
Solana’s outperformance is likely catalyzed by traders and investors front-running the incoming Solana DATs, including Forward Industries’ $1.65 billion private investment led by Galaxy Digital, Jump Trading, and Multicoin Capital.
Forward’s $SOL accumulation appears to have already begun, with Galaxy Digital withdrawing $326 million of $SOL from exchanges earlier today, according to Lookonchain and Arkham Intelligence.
$SOL led the top ten cryptocurrencies in price performance from 2023 to 2024, surging more than 2000% to $293 in January 2025 from $13 in January 2023. Over the same period, $BTC rallied 517% from $17,000 to $105,000.