Analyst DJ Ha Trang says Solana is positioning for a third leap toward a new all-time high, this time built on infrastructure and business development rather than NFTs or memecoins alone. She points to Solana's 54% share of spot trading volume as evidence of the shift and expects the network to clear $300 once the run plays out, though the timing stays uncertain.
Solana is positioning for a third leap toward a new all-time high, according to analyst DJ Ha Trang, who argues the setup this time rests on more than speculative trading alone. Ha Trang, author of a research report titled Primed for the Third Leap, says the exact timing remains uncertain even as the underlying conditions take shape.
Two Prior Runs to a Record High
The network's first all-time high came in November 2021, when it reached $260 during that year's NFT boom and DeFi expansion, having established itself as the fastest and cheapest chain available. That momentum collapsed alongside FTX, and Solana slid back to around $10, leaving many investors doubtful.
The ecosystem kept building anyway. Fueled by the 2024 memecoin wave, Solana climbed to a new all-time high of $290 in January 2025.
Over Half of Spot Trading Volume
Solana now holds 54% of spot trading market share, with $425 billion in monthly volume, according to Ha Trang. She attributes the dominance to two factors: infrastructure and business development.
On infrastructure, Solana has spent years reinforcing its position as the fastest, cheapest chain available, and recent research shows better trade execution for SOL to USDC pairs than centralized exchanges, a gap that appears to be widening across other pairs too. According to Ha Trang: "They're directly competing with centralized exchanges."
The second factor is 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.
A $300 Target, but No Set Date
Asked for a forecast, Ha Trang said she expects Solana to clear $300 this time, pointing to the token's prior all-time high of $290. The timing is far less certain: she said the current crypto winter could persist for some time yet. Some analysts see 2028 as the likely turning point for the next bull cycle, meaning roughly another year of sideways or difficult conditions before momentum shifts.
Source: Coinpedia Fintech News
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