Solana Slides As Meme-Coin Rally Cools, Enterprise Engagement And Open Interest Stay Hot
Posted On May 19, 2025
Solana (CRYPTO: SOL) dropped 5% to $161.85 on May 19 after a three-day rally to $171.72, as profit-taking followed a burst of meme-coin activity and infrastructure news. While the pullback pressured price near key technical levels, underlying signals point to sustained ecosystem growth, developer momentum, and institutional engagement.
Solana’s first quarter app revenue surged 20% quarter-over-quarter to $1.2 billion, according to The Crypto Times. Pump.fun led with $257 million in revenue, highlighting Solana’s position as the hub for fast-moving meme coin launches. The stablecoin market cap on the chain soared 145% QoQ to $12.5 billion, even as DeFi TVL declined roughly 64%.
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